The GE Money Energy-efficient Home Improvement Loans

The GE Money energy-efficient home improvement suite of revolving and installment loan products enable U.S. consumers to conveniently and affordably finance energy-efficient products for their home.

The Environmental Challenge

Many homeowners are choosing to renovate instead of relocate, and are seeking ways to make energy efficient improvements that reduce maintenance and operating costs and add value. GE sought to develop a solution that made remodeling more affordable and streamlined the process for homeowners to maximize and implement savings.

GE’s Innovative Solution

The GE Money Energy Efficient Home Improvement Loan facilitates energy-efficient improvements by approving over 45% for EGIA utility loans than the top competitor. At these approval rates, the GE Money energy efficient home improvement loan could qualify over 12,000 additional loans per year compared to previous loan programs financed by competitors.

Environmental Impact

If an average household uses the GE Money Energy Efficient Home Improvement Loan program to finance $10,000 worth of energy efficient home improvements, over the lifetime of the loan that household will save over 25,000 kWh in electricity, equivalent to the amount used by two industry-accepted average homes in a year. The electricity reduction would reduce emissions by 18 tons of CO2 which is equivalent to removing three cars off of U.S. roads for a year.

Cutting Costs

The GE Money Energy Efficient Home Improvement Loan will save homeowners an average of nearly $800 over the lifetime of a $10,000 home improvement loan compared to the top competitor's utility buy-down program and will also offer unsecured flat rates, which simplifies the buy-down process for both utilities and homeowners. Compared to competitors' unsecured loans without buydowns, a homeowner can save nearly $25 per month and $4,500 over the lifetime of the $10,000 loan.