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Just how to Optimize On-Bill Financing to simply help Illinois Building Owners spend money on Energy effectiveness

This post is created by Marcella Bondie Keenan, policy other at Elevate Energy.

Building owners can save your self cash by buying energy savings improvements. But they continue to pay higher energy bills and are even less able to pay for energy efficiency improvements down the road if they can’t afford the upfront costs of the upgrades.

On-bill funding (OBF) is one device to greatly help owners bust out of the period. It gives a way to spend money on power efficiency through that loan that is paid back being an installment that is monthly bills. But, current Illinois OBF programs exclude numerous energy customers due to restrictions on loan size, building types, and effectiveness improvements, along with slim definitions of credit history. In this article, we identify a few possibilities to produce far better financing that is on-bill in purchase to aid more building owners spend money on energy savings.

Problem: Too Little Funding

By legislation, OBF programs in Illinois are capped at $2.5 million per energy. This money cap is simply too low to fulfill consumer need. In reality, two resources already reached the cap and petitioned for a greater limit to be able to approve more loans. Even though the resources waited for approval, their OBF programs had been placed on hold.

Solution: The limitital limit for utilities’ OBF programs is raised. A greater limit will reduce the range times resources must petition for a rise, reducing the watch for building owners who would like to spend money on energy savings.

Problem: Too Few Loan Approvals

OBF programs in Illinois presently exclude specific energy clients. For instance, condominium owners can use OBF for in-unit effectiveness improvements, but condo associations are ineligible for funding. Because numerous condo associations don’t have any assets apart from book funds, they frequently think it is difficult to finance big building costs like whole-building energy savings improvements. Read more

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