APGA

The American Public Gas Association (APGA) concluded an agreement today with Yankee Energy System, Inc. of Meriden, Connecticut to bolster its members' marketing efforts by offering financing for home energy improvements. As part of the APGA initiative to strengthen marketing opportunities between its member municipal gas systems and their local contractors, Yankee Energy System, Inc. will provide a "full service" loan program which will finance heating and cooling system upgrades as well as a variety of other energy improvements for customers of APGA member utilities. "We have been seeking a way to marshal all the advantages of improving the energy efficiency of our customers' homes by providing a flexible financing tool that can be used in conjunction with local contractors. We found it in the program Yankee offered," said Bob Cave, Executive Director of APGA.

Through this program, customers of APGA member utilities will be able to finance improvements up to $15,000 for as long as 10 years while locking in a fixed interest rate. There are no prepayment penalties. The utility is protected from losses that may occur from defaulted loans, thereby eliminating credit risk. A 'full service" loan center administers credit decisions, loan documents, customer and contractor billings and payments insuring prompt customer service. The home improvements are carried out by authorized contractors who are selected by the APGA member utility based on qualifications that reflect solid business practices and quality workmanship. APGA represents 470 municipally owned gas systems in 36 states serving over 3.8 million energy users.