Kilowatt Financial Partners with Citi to Provide Energy Efficiency Loans
Kilowatt Financial, a US firm that finances energy consumers, announced that it has expanded one of its debt warehouse facilities with Citi to enable it to provide homeowners the finances required to make their homes more energy efficient. The facility now has capital of $225 million.
The company can use the expanded facility to provide consumers the finances required to improve their homes and make them more energy efficient. Homeowners can get finance to upgrade their homes with home energy storage systems, HVAC and insulation, windows, geothermal systems, and electric vehicle chargers.
Kilowatt products do not require consumers to make down payments and the loan terms extend up to 12 years with attractive rates. The company collaborates directly with sponsors and contractors to finance energy efficient programs for consumers all over the US.
Kilowatt Financial CEO Matt Melius said:
Kilowatt’s financing products provide homeowners with the ability to take advantage of today’s technology to save money while improving the energy efficiency of their homes. We appreciate Citi’s ongoing commitment to our business and support for our mission to make low-cost financing available to more consumers across the country for their investment in energy efficient home improvements.
Later this year, Citi and Kilowatt plan to utilize energy efficiency loans for the creation of asset-backed securities and to create a market for institutional investors to supply low-cost and long-term capital for homeowners to make their properties more energy efficient.
Citi’s Global Alternative Energy Finance Head Marshal Salant said:
Citi’s $425 million capital commitment reflects the confidence that we have in our partnership with Kilowatt Financial. We fundamentally believe in helping households become more energy efficient, and we want to help Kilowatt bring the benefits of clean energy and greater efficiency to more families in the United States.
Citi had announced in February that one of its goals was to facilitate, invest, and lend as much as $100 billion in the following decade to finance projects to reduce climatic change impacts and to find environmental solutions for the benefit of communities and individuals.
Kilowatt has a credit expertise that makes its financing procedure flexible, simple, and quick for its network of installers and contractors. The firm aims at helping more and more homeowners to manage their households in economical and clean ways. The firm’s partner Citi is a leading international bank, which enjoys a presence in over 160 countries and provides a wide range of financial services and products.
