NCEF Holds Press Conference on Residential Energy Upgrade Program

RENO, Nev. – Today, the Nevada Clean Energy Fund (NCEF) hosted a virtual press conference on the launch of its inaugural financing program, the Residential Energy Upgrade Program (RE-UP). The program, which officially launched late last month, supports Nevada homeowners and contractors with affordable financing and technical assistance for measures that reduce energy costs.

Speakers during the press conference included Kirsten Stasio, CEO of NCEF; Nevada legislators Assemblywoman Shondra Summers-Armstrong and Assemblyman Howard Watts; Marie Steele, Vice President of Integrated Energy Services for NV Energy; members of NCEF’s vetted contractor network, Steve Hamile, COO of Sol-Up, and Marcus House, owner of HouseCo Builders; and Mercedes McKinley, Nevada Field Organizer for Moms Clean Air Force. Highlights from the press conference and each of the speakers are included below.

“I hear all too often stories of Nevadans who have to make the hard choice between paying their energy bills and buying food and medicine,” said Kirsten Stasio, CEO of NCEF. “As NCEF’s inaugural financing program, RE-UP connects homeowners with financial and technical assistance for energy efficiency and clean energy upgrades in their homes.”

“This project is critical,” said Assemblywoman Shondra Summers-Armstrong. “This project is going to be a catalyst in our community to help my neighbors who have not been able to afford to do repairs on their homes to be able to do so in a manner that is not going to put their properties at risk.”

“Not only are they going to be addressing some of the financial barriers that people face, but they will serve as a one-stop-shop, helping Nevadans navigate the new tax credits and new rebates that are coming as the result of major pieces of legislation passed by the Biden Administration and Congress,” said Assemblyman Howard Watts. “This also includes utility rebates and other incentives to help people make necessary upgrades to their homes, harness the potential of clean energy, and lower their bills.”

“We are thankful for our partnership with NCEF on this federal opportunity,” said Marie Steele, Vice President of Integrated Energy Services for NV Energy. “We’re trying to make sure we bring as much back home to Nevada as possible to help folks with their energy needs. We are very strategically looking to design these programs to work in conjunction with and maximize our own energy programs.”

“RE-UP aligns with Sol-Up’s values by creating jobs and supporting local businesses by creating a finance alternative,” said Steve Hamile, COO of Sol-Up, a member of NCEF’s contractor network. “We contractors depend upon there being a supply of work for them to earn a living. RE-UP is designed to create a steady stream of new clean energy and energy efficiency projects by expanding the customer base through innovative financing, generating more opportunity for contractor businesses.”

“This RE-UP program is really a game-changer because we have seen where, as a small contractor, where you run into the walls of the financial side of it,” said Marcus House, owner of HouseCo Builders, another member of NCEF’s contractor network. “If we can get funds in front of us, we can grow our companies, hire people, and expand out in the state of Nevada.”

“When I work with families, the information out there seems sort of mysterious and hard to find, so the fact that not only do we have these funds available, but Nevada Clean Energy Fund has all of the resources in one place, is exciting,” said Mercedes McKinley, Nevada Field Organizer for Moms Clean Air Force. “Giving these families an opportunity to change their financial landscape, reduce greenhouse emissions, and create healthier choices for the air we all breathe is really exciting.”

A full recording of the event and speakers’ remarks can be found here.

About the Residential Energy Upgrade Program (RE-UP):

RE-UP provides homeowners with low-interest, unsecured loans for eligible upgrades such as heating, ventilation, air conditioning, and refrigeration (HVAC-R), roofing, solar PV, and other clean energy measures. The program is designed to increase access to financing for low-income or credit-challenged households by considering factors other than credit score when assessing a homeowner’s eligibility for a loan. RE-UP also provides tools and resources to support homeowners in accessing federal and utility incentives to stack with their loan and generate additional savings. RE-UP includes a network of contractors vetted by NCEF who implement the upgrades. 

RE-UP is designed to help local contractors grow their businesses. Members of the RE-UP vetted contractor network can increase the competitiveness of their quotes and decrease financing costs for residents thanks to RE-UP’s affordable interest rates and lack of loan dealer fees. RE-UP also offers client management support, no-hassle payment, and the reputational benefit of belonging to a group of vetted, high-integrity businesses. With RE-UP financing, contractors can increase their project pipeline, including among credit-challenged households. Contractors may apply to join the RE-UP network at the following link: nevadacef.org/contractors.

Low-income Nevadans spend over a fifth of their income on energy, forcing many households to sacrifice spending on food and medicine to keep their homes cool. Households that historically are unable to access financing may miss out on opportunities to implement cost-saving measures and take advantage of complementary rebates and incentives. RE-UP empowers these Nevada homeowners through affordable, unsecured loans for measures that reduce energy costs and create healthier living environments. Homeowners can learn more about RE-UP eligibility and participation at the following link: nevadacef.org/residents.

For media inquiries or additional information about the Nevada Clean Energy Fund and its mission, please contact [email protected].

About the Nevada Clean Energy Fund: NCEF is a nonprofit organization that supports a thriving, affordable, and accessible clean energy economy by providing financial and technical resources to Nevadans. NCEF was established by state legislation in 2017 as the state’s green bank. More information about NCEF is available at nevadacef.org.