Initial Partners Include One, Best Buy,
SoCalGas and the State of California
Enervee (www.enervee.com), the leading provider of online
marketplaces for energy-efficient products, has announced the
rollout of Eco Financing™ (www.ecofinancing.com), an
innovative program to make it easy and affordable to purchase
energy-efficient appliances.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20210908006010/en/
Eco Financing™ (www.ecofinancing.com)
makes it easy and affordable to purchase energy-efficient
appliances. (Graphic: Business Wire)
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 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.
About Enervee
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.
About One
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.
About SoCalGas
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. For
more information visit socalgas.com/newsroom or connect with
SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and
Facebook.
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210908006010/en/
Media contacts: Scenario Communications (for Enervee) Ron
Hofmann | Grace Hagan | Lindsay Shapiro P: (424) 303-3998 |
610-547-8296 | 215-681-3384 E: ron.hofmann@scenariopr.com |
grace.hagan@scenariopr.com | lindsay.shapiro@scenariopr.com
One Meg Sloan | CMO P: 650.799.3390 E: meg@onefinance.com
Southern California Gas Company Candice Lee | Office of Media
and Public Information P: (213) 709-5295 E: clee4@socalgas.com
State Treasurer’s Office Noah Starr | Kaylee D’Amico P: (916)
653-2995 | (916) 653-3036 E: Noah.Starr@treasurer.ca.gov |
Kaylee.Damico@treasurer.ca.gov
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