Local financial institutions can be valuable partners to residential energy efficiency programs. They not only can introduce their customers to your program’s services, but also enable customers to pursue larger home energy upgrades by providing financing. To promote loan products crafted for residential customers, programs and their lending partners have co-marketed loan products and upgrades. As a trusted source of information, local lenders may also receive homeowner questions about energy financing opportunities while discussing loan products, so many programs have provided financial institutions’ staff with training on program offerings.
Following are a few examples of organizations that expanded their reach by leveraging financial sector marketing channels. Read more about how these co-marketing arrangements worked in the Better Buildings Residential Program Solutions Center.
Promote Low Interest Through the Lender
Boulder County, Colorado’s EnergySmart program partnered with Elevations Credit Union on low-interest financing rates for energy upgrades, which the lender promoted through its branches, on its website, and through social media channels. In just over a year, 150 homes and businesses took out over $1.7 million in energy loans.
Spark Lending Partner Initiatives
Following initial discussions with the Local Energy Alliance Program (LEAP) of Charlottesville, Virginia, the University of Virginia Community Credit Union (CCU) took the initiative to establish its Green $ense loan option for LEAP participants and sponsor the FHA PowerSaver loan, with LEAP’s assistance. The CCU featured the program and Green $ense and PowerSaver loan options on its website, as well as promoted the program through joint marketing and verbal referrals.
Provide Lender Training
In Washington, the RePower program partnered with Kitsap Credit Union (KCU) and Puget Sound Cooperative Credit Union (PSCCU) to offer low-cost home energy loans. Educating credit union staff about the program was a significant factor in the partnership’s success. After RePower provided in-house trainings and walk-throughs of a home energy assessment, KCU and PSCCU issued nearly $700,000 in energy upgrade loans.
Tell Me More
Discover more insights on how to leverage financial sector marketing channels by visiting the Financing – Develop Implementation Plans handbook for step-by-step instructions and program examples.
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Your Input Counts
If you would like to suggest a proven practice that worked for your program or ask a question that other programs might be able to answer, email your question or idea and we’ll address it in an upcoming Proven Practices post.
Continue the Conversation About Leveraging Financial Sector Marketing Channels
Interested in talking with your peers about co-marketing with lenders and other proven practices? Consider joining the Better Buildings Residential Network, where energy efficiency program administrators like you are discussing program design, implementation, and evaluation strategies in regularly scheduled peer calls and on virtual discussion forums. Join the Residential Network.