New independent studies show that Eco Financing helps consumers overcome longstanding financial barriers to buying energy-efficient appliances—without relying on rebates or giveaways. At Enervee, our first step was making efficiency actionable with the Enervee Score® (0–100 on every model) so shoppers can quickly choose better products. We then redesigned the online buying journey around behavioral science and inclusive checkout—culminating in Eco Financing as a simple monthly payment option.
What happens when you put that all together? Recent evaluations from California and New York provide a clear picture: Eco Financing works—especially for underserved and credit-challenged customers—and it scales through the utility marketplace channel.
Two studies, same conclusion: Eco Financing works
Since April 2023, Enervee has operated Eco Financing programs statewide in California and New York. Two comprehensive reports evaluate results:
- California: Independent evaluation of the GoGreen Home Energy Financing program, which provides credit enhancements for our Eco Financing portfolio [2].
- New York: Final report of the NY Marketplace pilot delivered with support from NYSERDA [3].
Across very different markets, the findings align and point to meaningful equity and adoption impacts.
Key findings
1) Reaches underserved customers
- NY Marketplace: 51% of financed purchases came from customers located in disadvantaged communities (DACs), vs. 35% of New Yorkers living in DACs.
- CA GoGreen Home (micro-loans): 85% of micro-loans went to underserved borrowers (lower-income and credit-challenged households).
2) Enables efficient purchases that wouldn’t otherwise happen
- NY Marketplace: 95% of respondents agreed Eco Financing enabled their efficient purchase; 86.7% strongly agreed.
- CA GoGreen Home (micro-loans): 100% of respondents said financing influenced their decision (88% “very” influential). Two-thirds said they would have chosen something cheaper without financing, and only 20% would have purchased an appliance with the same or higher efficiency.
3) Monthly payments matter more than typical rebates
- NY Marketplace: 100% of Eco Financing users cited affordable monthly payments as most important; only 38.5% cited rebates. Two-thirds said they would likely have bought without a rebate if financing were available.
- CA GoGreen Home (micro-loans): Among the small subgroup that used both a rebate and a loan (n=5), all indicated they needed the loan; one indicated they did not need the rebate.
This is intuitive: rebates reduce a lump-sum price, but Eco Financing converts the purchase into a manageable monthly payment—often in the tens of dollars—removing the key barrier at the moment of need.
4) Clear consumer benefits vs. costly alternatives
According to the Federal Reserve, 32% of U.S. adults can’t cover a $500 emergency expense with current savings; 13% can’t cover $400 by any means, and 18% say the largest expense they could cover from savings is under $100 [4]. In emergencies, many households turn to high-interest cards, secondhand markets, rent-to-own, or payday lenders. Eco Financing offers a safer alternative.
- NY Marketplace: Top value props were affordable payments (71%), spreading payments over 60 months (54%) and fixed monthly payments (50%). No up-front fees/early-payoff penalties and a fast online application were also frequently cited.
- CA GoGreen Home (micro-loans): Borrowers most often chose Eco Financing for the easy online process (77%) and low interest rate (58%). Reducing friction is critical to participation [5].
5) High satisfaction and strong advocacy
- NY Marketplace: 84% of borrowers were “completely” or “very” satisfied with their Eco Financing experience.
- CA GoGreen Home (micro-loans): 82% were “very” satisfied overall; 80% were “very” likely to recommend (another 17% “somewhat” likely).
Why it scales through utility marketplaces
Eco Financing is most powerful when it’s embedded at checkout on a utility marketplace—right where eligibility, instant incentives (when available), and transparent net price are shown. That’s also where customers choose installation and enroll in programs, turning a single purchase into ongoing benefits for the grid and the customer. The result: more completed transactions, more efficient models chosen, and broader reach into LMI and credit-challenged segments.
Frequently asked questions
What is Eco Financing?
Eco Financing is a point-of-sale micro-loan that turns a lump-sum efficient appliance purchase into affordable monthly payments, often in the tens of dollars.
Who qualifies?
Programs are designed to be inclusive where allowed by program rules, reaching LMI and credit-challenged customers through tailored underwriting.
How do utilities use Eco Financing?
Utilities embed Eco Financing in their utility marketplace checkout alongside instant incentives and installation, increasing completions and equity impact.
Conclusion
California and New York results point to the same conclusion: Eco Financing is a practical, scalable lever for equitable decarbonization. By making efficient products financially accessible at the moment of purchase—and pairing that with clear guidance (Enervee Score), transparent pricing, and simple installation—utilities can drive measurable energy savings and positive customer outcomes across diverse communities.
References
- Learn about the Enervee Score.
- GoGreen Home Energy Financing Program Impact Evaluation Report (2024).
- NY Marketplace Innovative Market Strategies Project – Final Report (2024).
- Report on the Economic Well-Being of U.S. Households in 2022 (2023).
- Energy Efficiency Residential Pulse Check Study (Opinion Dynamics, 2023).
See Eco Financing inside a modern utility marketplace: Enervee utility marketplace →