MANCHESTER, N.H.-The New Hampshire CU League is backing an effort that helps cut consumers' energy costs while simultaneously offering an opportunity to boost CU lending.
The league is giving away a free home energy audit, and it is sponsoring the Greenlight Lending program that helps credit union members make their homes more energy efficient.
Homeowners in New Hampshire have the chance to win a Targeted Energy Audit (TEA) that identifies areas of heat loss within a home. Energy audits, such as TEA, can provide savings of 30% to 40% on annual energy expenses, according to the league.
This state's residents enter the drawing by going to GoCu.Org and completing an entry form, which is right below a promo for the Greenlight Loan. Rob Kimmett, SVP of marketing for the league, said the contest is drawing attention to the Greenlight program that it launched in October. That effort, run through the state's CUs, provides financing for energy efficient upgrades to members' homes, with the ultimate goal of reducing long-term energy consumption and costs.
"The loan makes a great deal of sense, especially in the current economy," Kimmett said. "Members are borrowing money to save money and increase the value of their properties."
Greenlight allows credit unions to use any of their existing loan products, including home equity. "We did not want to try to come up with a one-size-fits-all solution," Kimmett said.
Through a survey the league conducted earlier in the year, credit unions told NHCUL that they wanted to find new ways to help members battle the economy. "They came up with the idea of assisting with home energy expenses," he said.
The league decided on the Greenlight Loan because a number of other credit unions were already helping members manage high energy costs through loans to soften the blow of heating expenses, Kimmett said. "A number of credit unions were making loans to help people buy cordwood, propane, etc. But rather than make a statewide initiative out of that, we decided it would be nice if we could help people invest in their homes and not have to buy as much fuel."
The New Hampshire league is actually part of an operation that is jointly managed with the Massachusetts and Rhode Island leagues. The Greenlight Loan, however, and the energy audit contest are only available in New Hampshire.
Kimmett said it is too soon to tell how the energy contest is performing and how great of an impact it is having on credit union lending. The league received the energy audit from Affordable Weatherization Solutions in exchange for advertising. The energy contest began runs through Feb. 28. GoCu.Org is NHCUL's website that is promoting the credit union difference in this state.
