Utility companies may soon provide loans for energy upgrades

Photo courtesy: MGN
Photo courtesy: MGN(WLUC)
Published: Aug. 12, 2018 at 12:48 PM AKDT
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Utility companies are looking at offering their customers loans for energy efficiency upgrades and renewable energy systems that would be paid back through their monthly utility bills.

KTOO-FM reported last week that the lending system called "on-bill financing" exists in other parts of the country.

Customers will be able to request loans for a range of upgrades including solar panels, higher efficiency appliances and switches in heating fuel systems.

A bill signed last month by Gov. Bill Walker gives utility companies the power to suspend service to a customer if they fail to pay back their loan.

Cory Borgeson, president and CEO of the Golden Valley Electric Association in Fairbanks, says the company needs to set up a bank business before it can implement the loan program.