Section 460.2410. Financing of residential conservation measures.

(1) A utility may refer its customer to a financial institution  in   the business of lending for financing of the  installation  of residential conservation measures in lieu of providing funds directly to, or on behalf of, the customer.

(2) As part of an authorized energy conservation program, the utility may contract to collect payments for conservation measures at no fee to the financial institution, absorb bad debt expenses, and subsidize the loan in an amount up to the difference   between  the    interest   rate,   as listed in R 460.2409, and the lower of the

interest rate, including use of deferred taxes, that the utility would have to pay for capital at or around the time of the filing of the energy conservation program, or an interest rate which is negotiated between the utility and the financial institution. However, residential customers may not be charged  any additional fee or interest charge by the financial institution under the loan contract provided for in this provision.

History: 1979 AC.