ST. PAUL, Minn., July 25 (UPI) -- General Electric Co. and the Electric & Gas Industries Association will give revolving and installment consumer financing of U.S. residential solar systems.
GE Money's sales finance unit and EGIA, a non-profit organization dedicated to advancing energy efficiency and renewable energy solutions, have teamed up on the GEOSmart solar loan program aimed at all sizes of projects.
GEOSmart is available nationwide only through EGIA-approved contractors. In developing GEOSmart, EGIA and GE Money said they consulted leading manufacturers, solar contractors and industry advocacy groups such as the California Solar Energy Industries Association on financing for anything from water heating to large residential installations.
"We believe that GEOSmart is the most comprehensive solar financing solution available today and makes investing in solar power convenient and affordable," Bruce Matulich, executive director of EGIA, said in a statement. "Installing a solar system now is the right decision for most homeowners. Investing in a solar energy system will dramatically reduce your energy bill and is equivalent to prepaying for 40 years of power at a fraction of the cost you currently pay, all while having a positive impact on the environment."
Company official say the GEOSmart financing program will offer numerous features recommended by industry leaders. For smaller solar thermal or solar photovoltaic applications, unsecured financing will be available with terms up to 20 years and project costs ranging from $2,500 to $50,000.
