The National Energy Improvement Fund, a licensed lender and national expert in energy efficiency financing program management, and RKB Capital Partners, a clean energy venture focused on accelerating the adoption of renewable energy and energy efficiency in the U.S., have launched Rebate Bridge to provide advance funding on rebates for contractors who participate in energy efficiency and renewable energy improvement programs for homes and commercial buildings. Many energy efficiency programs administered by utilities, manufacturers and state and local governments include rebates to incentivize customers to install energy upgrades such as lighting, insulation, heating and cooling, solar and other measures. Due to processing delays contractors can often wait up to sixty days or more after they complete a project to receive rebate payments owed to them. This wait time can adversely impact the contractor's cash flow and result in decreased program participation.
Rebate Bridge pays the contractor directly via ACH in just a few days following project completion, deducting a nominal processing fee from the payment. Rebate Bridge, in turns, waits for payment from the rebating agency. The process is simple. Qualifying contractors are approved by Rebate Bridge and submit the required paperwork to the rebating agency. When a project is completed and approved by the rebating agency the contractor uploads basic information to the Rebate Bridge portal and is paid directly by Rebate Bridge in just a few business days. RKB Capital Partners has extended a credit facility to Rebate Bridge to fund its operations.
Rebate Bridge has had a highly successful launch with the New Jersey Clean Energy Program, processing hundreds of rebates in just a few weeks from inception. This has allowed contractors to expedite payment to distributors and vendors. "The ability to receive my rebate funds that once took months to within just a few days has been essential to our company," said Will Doyle, President of Allied Energy Experts. "It has enabled me to not only accelerate my cash flow but get paid on receivables on a regular basis. This has been vital to growing our project size and salesforce to get even more projects."
"We are excited to expand Rebate Bridge to other utility and rebate programs," said Heather Braithwaite, NEIF's Vice President for Strategic Development. "NEIF's mission is to help contractors grow their energy improvement business through innovative financing and cash flow tools and Rebate Bridge is ideal for this."
National Energy Improvement Fund | http://www.neifund.org