Tampa Electric's E Seal Loan
Program
Hits Million-Dollar Milestone
Tampa Electric Company
(TECO), having approved $1 million in residential energy retrofit loans in just
five months, received a check for $10,000 at the Edison Electric Institute
(EEI)/TEC Residential and Light Commercial Marketing Conference in September.
The check was a rebate on TECO's entire start-up fee for its Comfort Loan
Program, and was presented to TECO Vice President John Ramil by Brian Murray.
TECO was the first utility to sign up for the E Seal Loan
Program and E
Seal, the electric utility industry's nationwide energy efficiency and
environmental housing initiative, which is endorsed by leading national
organizations including the National Association of Home Builders and the
Environmental Protection Agency. Duquesne Light Company and GPU Energy have also
started implementing the E Seal Loan Program.
"The loan program has
succeeded beyond our highest expectations, and we expect to have approved $2
million in loans by early 1997," said Ramil. "Now that our commitment
fee has been fully rebated, we are offering this important service to our
residential customers at no cost and no risk to our utility."
Under the E Seal Loan
Program, qualified homeowners may borrow up to $25,000 for up to 15 years to
install high-efficiency heat pumps, geothermal systems, insulation upgrades, and
other improvements. Customers benefit from quick loan approval, below-market
fixed interest rates, loan assumability, no fees, and no risk to the utility.
Viewtech originates and services the loans for the utility.
Viewtech directly receives loan applications from utility customers and
contractors, and underwrites and originates loans to program guidelines.
Viewtech issues loan checks and collects payments via coupon books.
"The E Seal Loan Program
and the recently launched E Seal Mortgage Program remove the first-cost barriers
that have kept customers from purchasing more energy-efficient homes and
equipment," said Tom Farkas, EEI's Residential Programs Manager. "With
the loan program, customers should see immediate savings on their energy bills,
even after deducting the monthly loan payments."
"With the low start-up fee that is fully rebated with sufficient
loan volume, utilities can offer this loan program at virtually no cost or
risk," said Brian Murray. "They can then reap the benefits of increased market share,
enhanced competitiveness, greater customer loyalty, and brand equity."
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