Improving energy efficiency is a goal for virtually all public agencies in California — but many of those same agencies also view installing energy efficient equipment as cost-prohibitive. Want to make energy-efficient improvements, but need help financing? You may qualify for On-Bill Financing Program (OBF) programs, which are offered to most California electricity customers by their local utility and are funded by ratepayer surcharges.
OBF lets you finance your qualified energy efficiency projects interest-free, and you’ll enjoy:
- 0% Interest Financing; no added cost of money
- No fees or loan costs
- Convenient loan repayment through your monthly utility bill
- Up to a 10 year repayment term
Along with OBF, you may also receive these benefits from your energy efficiency project:
- Financial incentives for installing qualified energy-efficient equipment
- Lower monthly electricity usage
- Long-term energy savings
- Improved lighting & indoor appearance
What are the loan limits?
Loan limits vary by customer segment. Loans are capped at the Service Account (SA) level. Customers with multiple SAs may have loans at each SA up to the maximum amount for their segment. When certain requirements are met, we will bundle qualifying loans for customers.
- Bundled OBF Loans — Government and Institutional customers can bundle multiple service accounts under the same Customer Account Number, at one or more premises, into a single OBF loan. Individual SA OBF loan applications can be bundled to meet the loan minimum. Customer segment loan limits apply. Note: All projects in a bundled OBF loan must be complete before any loan funds are distributed.
The maximum loan amount is the difference between the final approved total project cost of the installed, eligible energy efficiency solutions and the incentives paid by the utility. Loan funds must be used for the purchase and installation of qualified energy efficiency equipment. Loan repayment period can be up to 10 years and will be extended to match the project payback period of the energy savings.
SPURR and our winning LED vendors do not provide OBF, as OBF is provided by the local electric utility. SPURR’s winning LED vendors provide goods and services that, in many cases, qualify for OBF. Some, but not all, SPURR winning LED vendors will handle the OBF paperwork on behalf of clients.
If you’d like to learn more or want to find out if you’re eligible, please contact our independent LED technical expert, Charlie Benzyk.