Enervee Launches Innovative “Eco Financing” Program
Los Angeles, September 2021 – Enervee, the leading provider of online marketplaces for energy-efficient products, has announced the rollout of Eco Financing™, an innovative program to make it easy and affordable to purchase energy-efficient appliances.
The program is launching in partnership with fintech lender One, the State of California, and Southern California Gas Company (SoCalGas). Enervee is also partnering with major retailers including Best Buy, which will provide end-to-end delivery, installation, and haul-away services.
With Eco Financing, online retail shoppers can buy energy-efficient appliances worth up to $5,000 with no money down, instant rebates and favorable loan terms, with no penalty for early repayment. The statewide Residential Energy Efficiency Loan (REEL) program enables One to provide Californians with longer loan terms and rates significantly lower than credit cards or other market-rate financing options.
This results in low monthly payments: An energy-efficient appliance with a total cost of $1,000, for example, can be paid back with monthly installments of less than $25 while helping the borrower save on energy bills.
Eco Financing will initially be available to the 5.7 million residential customers of SoCalGas through the SoCalGas Marketplace. Access will expand within California through the REEL program and to other states later this year. Consumers can make purchases such as dishwashers, clothes washers/dryers, and kitchen ranges, as well as smart thermostats, with more categories to come.
Eco Financing marks the first microloan initiative of the REEL program, which is administered by the California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) housed within the State Treasurer’s Office. Since 2016, REEL has helped move California toward its ambitious climate goal of doubling energy savings by 2030. The program has facilitated $25 million in-home energy efficiency improvements for Californians.
“It took close cooperation with the California State Treasurer’s Office, deep data integrations with One and national retailer Best Buy, and SoCalGas’s desire to better serve their customers to make Eco Financing a reality,” said Enervee CEO Matthias Kurwig. “The new Enervee commerce platform represents a major evolution from previous online stores provided by utilities.”
“Thanks to the credit enhancement available to REEL lenders, One is able to offer loans with favorable terms and expand access to borrowers who otherwise might not qualify,” said Brian Hamilton, CEO of One. “Eco Financing advances our mission of improving the financial lives of hard-working families in a way that doesn’t negatively impact the place we all call home.”
“As the utility lead for the State of California’s REEL program, SoCalGas is pleased to be the first to provide affordable and inclusive online retail financing to our customers,” said Gillian Wright, senior vice president and chief customer officer at SoCalGas. “Delivering financing through the high-volume marketplace channel will allow us to cost-effectively scale the impact of REEL, benefitting all Californians.”
“This partnership has the capacity to help many more Californians save energy and reduce expenses and to assist California in making progress on its fight against climate change,” said Treasurer Ma.
For additional information, please visit www.ecofinancing.com.
Enervee is a clean technology company that combines data science, behavioral science, and digital marketing to drive better energy-related buying decisions across dozens of consumer product categories. Our Commerce platform, featuring Choice Engine technology and Eco Financing™, eliminates longstanding market, cognitive/psychological and financial barriers that prevent consumers from following through on their ambition to buy energy-using products that save energy and money and contribute to a clean energy future.
You can learn more at www.enervee.com.
One, a financial technology company, was launched in 2019 and is based in San Francisco and Sacramento. With venture capital backing from Obvious Ventures, Foundation Capital, Core Innovation Capital and others, One’s mission is to help improve the financial lives of hard-working families and individuals by seamlessly combining saving, spending, sharing, and borrowing into one account. As a result, every One customer has access to high-yield savings, affordable credit that grows with them, and tools to help automate their money management.
You can learn more at www.onefinance.com.
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, and increasingly renewable gas service to 21.8 million consumers across 24,000 square miles of Central and Southern California. Gas delivered through the company’s pipelines will continue to play a key role in California’s clean energy transition—providing electric grid reliability and supporting wind and solar energy deployment.
SoCalGas’s mission is to build the cleanest, safest and most innovative energy company in America. In support of that mission, SoCalGas is committed to achieving net-zero greenhouse gas emissions in its operations and delivery of energy by 2045 and to replacing 20 percent of its traditional natural gas supply to core customers with renewable natural gas (RNG) by 2030.
Renewable natural gas is made from waste created by dairy farms, landfills, and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for customers. SoCalGas is a subsidiary of Sempra (NYSE: SRE), an energy services holding company based in San Diego.
About the REEL Program
Administered by the California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) housed in the State Treasurer’s Office, the Residential Energy Efficiency Loan Program (REEL) was launched in 2016 as a pilot program under the authority of the California Public Utilities Commission (CPUC) with support from the state’s four major investor-owned utilities.
REEL and its sister programs for small businesses and affordable multifamily housing were designed to leverage private capital for energy efficiency retrofits using a credit enhancement in the form of a loan loss reserve. The programs support California’s goal of doubling energy efficiency savings by 2030.
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