As an alternative to the provisions of Section 2786, an electrical or gas corporation may conclude financial arrangements with one or more lending institutions in this state engaged in making home improvement loans to provide loans to customers for purposes of home insulation pursuant to this chapter. The corporation may provide for payment of the loan balance by the customer through the corporation’s regular bill for public utility services. Any such financial arrangements shall include all of the following provisions:

1. (a) The amount financed shall be payable in equal installments during a period of 36 months following completion of the work, or at such greater rate of repayment as the customer may elect.
2. (b) Provision that the corporation shall not be liable to the lending institution in the event of the customer’s default.

3. (c) Provision that approval of the customer’s credit shall be at the option of the lending institution.

   Notwithstanding any language contained in this section, acceptable credit cards may be utilized in lieu of the above provisions.