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An Innovative Financing Model Is Ensuring Everyone Can Afford a Heat Pump

Yessenia Funes writes in Bloomberg about an innovative financing model that is helping people install heat pumps.

The C3 Take
  • Heat pumps and other innovative clean technologies come with steep upfront costs which hinders their deployment.
  • A group called Kicking Gas is helping residents of Washington’s Whidbey Island install more heat pumps.
  • Kicking Gas covers as much of 50% of the installation costs of a heat pump and offers low interest microloans to consumers to cover the rest of the cost.
  • Since October 2022 the group has helped to install over 100 heat pumps on the island and plans to expand its operations to cover electric stove installations.

“Heat pumps don’t just make heating and cooling easier, they also cut the very carbon pollution that is making extreme heat more intense. The switch from propane heaters to heat pumps can cut a household’s annual carbon emissions by 6.3 tons, according to one analysis from Rewiring America, a nonprofit dedicated to electrifying homes across the U.S.”

Read the full article here.

The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.

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