EGIA’s Suspension of the GEOSmart® Financing Program

As you know, it’s a difficult time in the financial markets.

On Thursday, September 25, 2008 GE Money, the funding source for EGIA’s GEOSmart® Loans, announced it will soon be discontinuing its unsecured consumer financing program. As a result, EGIA will be suspending the GEOSmart® Loan program with APS.   EGIA has informed APS that they are actively looking for a new financing partner, but that effort is likely to take some time.

What this means for customers:

• GE Money will continue to accept and approve customer applications until October 23, 2008 for the GEOSmart® loan program. 
  
  
• Scenario 1:  If your application is approved and your installer is using “completion funding”, you must have your paperwork submitted to EGIA and your project completed by December 21, 2008. 
  
  
• Scenario 2:  If your application is approved and your installer is using “staged funding” you will need to have your paperwork submitted to EGIA by December 21, 2008, but the project completion deadline of December 21 does not apply.

Your GEOSmart® installer will be able to verify the type of funding they are using.  Please work closely with your installer to ensure all requirements are met and for more information on installation deadlines for your particular project.

APS remains strongly committed to making solar energy affordable for everyone and will continue to pursue solutions with EGIA and others. You may also have other lease or financing options available to you from your current financial institution or solar installer.  For a general list of solar installers in your area (regardless of their participation with the GEOSmart® program), please visit www.find-solar.org. 

If you have any questions please feel free to call (602) 328-1924 or send an e-mail to renewables@aps.com.

Letter from EGIA regarding suspension of program