Citizens to launch Energy$ense

PROVIDENCE – Citizens Financial Group Inc. is launching a community program, Energy$ense, that will distribute more than $500,000 in energy-assistance grants to homeless shelters and certain nonprofits, and will offer below market-rate loans to borrowers looking to improve energy efficiency at home.
As part of the Energy$ense program – which is being offered across Citizens Financial Group’s 13-state footprint – the Citizens Bank Foundation said it provided the Rhode Island Coalition for the Homeless with a $100,000 grant for the Shelter Heating Initiative to help homeless shelters from across the state pay increased energy bills this winter.
The program also includes two below-market interest-rate, unsecured loans for low- and moderate-income borrowers to make energy-efficient upgrades or improvements to their homes. Customers who apply by March 31 will have the option to defer their first payment for 90 days.
Citizens said two loan programs are part of Energy$ense:
• The Citizens Bank Energy Efficiency Loan is designed to help low- and moderate-income borrowers, or those who live in certain areas, pay for weatherization projects. The $1,000, 3 percent annual percentage rate, fixed-rate loan has a three-year term with a monthly payment of $29.08. There are no fees or closing costs. For larger projects, Citizens Bank also is offering $10,000 loans at 5 percent APR with up to a seven-year term.
• The EZ Home Improvement Loan program offers a $1,000, 3 percent APR fixed-rate loan, available to income-eligible borrowers, or those who live in certain areas, who want to update their homes. Citizens is offering a 6 percent APR on loans for larger home-improvement projects, up to $10,000 with up to a seven-year term.
To apply for an EZ Home Improvement Loan or Citizens Bank Energy Efficiency Loan, homeowners should visit a Citizens Bank branch or call 1-877-TOP-RATE. To be eligible, borrowers must live in a low or moderate-income neighborhood, or have income that is less than 80 percent of the national median income.
Through Energy$ense, Citizens also is providing consumers safety tips on staying warm, including using electric heaters and extension cords that are UL rated, insulating pipes and water heaters, and installing carbon monoxide detectors and smoke alarms.
Locally, the Citizens Bank Foundation said it provided the Rhode Island Coalition for the Homeless with a $100,000 grant for the Shelter Heating Initiative to help homeless shelters from across the state pay increased energy bills this winter.
Citizens Financial Group Inc. – a division of the Edinburgh-based Royal Bank of Scotland Group plc. (London Stock Exchange: RBS.L; NYSE: RBS) – is a commercial bank holding company with about 25,000 employees nationwide at 1,600 Citizens Bank and Charter One branches in 13 states plus non-branch offices in about 40 states. Additional information is available at CitizensBank.com or www.rbs.com.