Verdant Commercial Capital completed the first ever on-bill repayment agreement for California’s GoGreen Business Energy Financing program. With on-bill repayment, once the project is complete, the client’s monthly utility bill includes the payment amount for the financing of the energy saving measures in addition to the utility service cost.
While this is the first GoGreen Business on-bill repayment project financed by Verdant, it has been an approved GoGreen Business lender since early 2022 and funded several standard financing projects through the program. For some projects, the energy savings resulting from the project may be higher than the amount of the monthly payments repaid through the utility bill, ultimately lowering the client’s overall utility costs.
“We are proud to be a financing partner in GoGreen Business,” Josh Patton, vice president of verdant commercial capital. “Verdant partners with utilities, energy efficiency program administrators, green banks, and state agencies around the country to help businesses save money and make financing energy saving projects more affordable.”
“We’re very pleased that participating finance companies like Verdant Commercial Capital are able to leverage GoGreen Business’s on-bill repayment feature to facilitate energy upgrades,” Shela Tobias-Daniel, interim executive director of California Alternative Energy and Advanced Transportation Financing Authority, said. “As the first on-bill project enrolled in GoGreen Business, this is a big win for businesses seeking convenience along with energy savings – and a big win for California’s environment.”
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