SolarCity Moves Into Home Energy Efficiency Loans

Here’s the bad news: according to SolarCity, around $40 out of every $100 you’re spending to heat and cool your home is lost to duct and air leakage alone. The good news is that the company has launched a new loan program designed to make energy efficient home improvement affordable to one and all.

Having seen success with a similar financing program for home solar power systems—which actually allows homeowners using solar panels the ability to pay less for solar electricity than they pay for utility power—SolarCity aims to reduce or eliminate the upfront costs of energy efficiency upgrades with this new loan program. SolarCity offers, as you might imagine, a comprehensive onsite home energy evaluation designed to diagnose where energy is being wasted in your home, as well as a range of upgrades designed to lower your energy costs while improving your indoor air quality and general comfort.

SolarCity home energy efficiency

image via SolarCity

“By making energy-saving measures more accessible and affordable, we’re doing for energy efficiency what we’ve done for solar power,” said Lyndon Rive, CEO of SolarCity, in a statement.

SolarCity launched its energy efficiency services in 2010 and currently has 5,000 efficiency projects completed or underway in Arizona, California, Colorado, Oregon and Texas. The company is now extending its energy efficiency services to its East Coast service areas in Connecticut, Maryland, Massachusetts, New Jersey, New York and Washington, D.C. (The company also works with a range of local energy efficiency loan programs—such as New Jersey’s Clean Energy Program—to help them take advantage of available rebates.)

Financing for SolarCity’s new program comes courtesy of Admirals Bank, a federal savings bank headquartered in Boston, with a history of home improvement lending. More information on the program is available via SolarCity’s website.

Susan DeFreitas has covered all manner of green technology for EarthTechling since 2009. She is a graduate of Prescott College for the Liberal Arts and the Environment, and has a background in marketing green businesses. Her work on green living has been featured in Yes! Magazine, the Utne Reader and Natural Home.