At least three local financial institutions are doing their part to speed Oklahoma's adoption of compressed natural gas as a transportation fuel.
Citizens Bank of Edmond, Allegiance Credit Union and Communication Federal Credit Union have launched new loan programs to help individuals and businesses convert their vehicles to run on CNG.
“By converting fleet vehicles to CNG, businesses of all sizes can have opportunities to reap significant fuel savings,” said Jill Castilla, Citizens Bank's chief credit officer. “Our program is designed specifically to help businesses realize the expected financial benefits a CNG fleet can offer.”
Meanwhile, Allegiance Credit Union is focused on helping individuals with their vehicle conversions.
“CNG conversions offer drivers serious savings and our low-cost signature loans can help individuals capture those benefits for themselves,” said Laurel Pope, vice president of corporate development for Allegiance. “We can help our members declare their energy independence from high gasoline prices.”
Communication Federal also will help finance natural gas vehicles, conversions and home-fueling appliances, said Stephen Lark, the credit union's vice president of marketing and corporate development. Loan rates for new vehicles can be as low as 1.99 percent.
“If other circumstances arise, we will do what we do best: take care of people,” Lark said.
State tax incentives also can help reduce the cost of making the switch, and regulators this year approved an Oklahoma Natural Gas rebate program that applies to conversions and home-fueling stations.
CNG Interstate in Edmond converts vehicles to run on natural gas. President Craig Wright said the loan programs will help more people and businesses benefit from switching to natural gas.
“The long-term economic benefits of CNG conversion are obvious, but up-front costs can be a deterrent for some people and businesses,” Wright said. “I'm encouraged that our local bank and credit union are offering such great financing options for families and businesses who want to grab the future today.
“I'm proud to join with these Oklahoma businesses as we promote an Oklahoma solution to America's dependence on foreign oil.”
TULSA — The city of Tulsa dedicated its first publicly accessible CNG station Friday in its west maintenance yard at 428 W 23 St. The compressed natural gas station, built by Tulsa Gas Technologies, has two dispensers with two hoses each. The city's fleet and members of the general public who have natural gas vehicles can fuel up there, where the price is $1.50 per gallon of gas equivalent, compared to $3.70 for conventional gasoline. While most motorists are not driving CNG vehicles, construction of the stations helps pave the way for greater use of domestically produced natural gas. There are more than 70 existing or planned CNG stations in Oklahoma that are accessible to the public.
TULSA WORLD REPORTS