The American Public Gas Association (APGA) concluded an agreement
today with Yankee Energy System, Inc. of Meriden, Connecticut to bolster
its members' marketing efforts by offering financing for home energy improvements. As part of
the APGA initiative to strengthen marketing opportunities between its member municipal
gas systems and their local contractors, Yankee Energy System, Inc. will provide a "full service"
loan program which will finance heating and cooling system upgrades as well as a variety
of other energy improvements for customers of APGA member utilities.
"We have been seeking a way to marshal all the advantages of
improving the energy efficiency of our customers' homes by providing a flexible financing
tool that can be used in conjunction with local contractors. We found it in the program
Yankee offered." Said Bob Cave, Executive Director of APGA.
Through this program, customers of APGA member utilities will
be able to finance improvements up to $15,000 for as long as 10 years while locking
in a fixed interest rate. There are no prepayment penalties. The utility is protected from
losses that may occur from defaulted loans, thereby
eliminating credit risk. A "full service"
loan center administers credit decisions, loan documents, customer and contractor billings and
payments insuring prompt customer service. The home improvements are carried out by authorized contractors
who are selected by the APGA member utility based on qualifications that reflect solid
business practices and quality workmanship.
APGA represents 470 municipally owned gas systems in 36 states
serving over 3.8 million energy users.
