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Beginning June 1, SaskPower will offer a financing program to assist new residential customers whose electricity connection costs exceed $1,000 and commercial customers where connection costs exceed $5,000.
The SaskPower New Connects financing program includes a minimum 25 per cent down payment, and loans will not exceed $2 million dollars per customer.
The program will be financed and administered by SaskPower, from loan inception to maturity. This will allow SaskPower to customize financing and re-payment options according to customer need.
On approved credit, loans will be offered at rates no less than SaskPower’s cost of capital, plus administrative costs. The corporation will also include a reasonable risk premium if appropriate.
As in the case of all lenders, a risk premium reflects the fact that a small number of customers are likely to default on their loans resulting in loan losses. To compensate for this, the Corporation includes a small risk premium in its loan interest rates.
Providing these financing options will provide convenience and affordability to new customers – in most cases, billing and payments will be included on a customer’s electricity bill, or a monthly payment plan will be established.
For more information about the New Connects program please contact:
Mike Mamona
Business Manager
306-566-2954
mmamona@saskpower.com
