Category Archives: Clean Energy Loans

What is SELF (Solar and Energy Loan Fund) and How to Get an Energy Assessment

Posted on by

Global warming doesn’t have one solution that will rectify the whole situation. The primary cause is the existence of too much methane, Carbon dioxide, and nitrous oxide, that are heat trapping and affect the atmosphere. There are various approaches and different technologies that are needed to bring down the emissions of the gases by not less than 80%, by 2050. Various methods are being deployed around the world and boosting energy efficiency is one of them.

The energy that is used to heat, cool and power our businesses, homes, and industries is one of the largest global warming contributors. With this knowledge, the world today is striving to get energy efficient technologies and practices that allow us to use fewer amounts of energy and get higher, or same, standards of comfort, service, and production. It is with this approach that SELF was inspired.

What is SELF?

Florida– based Solar and Energy Loan Fund is a non-profit organization. Its primary mission is to supply expertise in the energy department and offer to finance to underprivileged communities, residents and small businesses with the intention of creating sustainable community development, economic development opportunities, creating jobs locally, enhance the quality of life, energy independence, clean energy alternatives, and greater efficiencies.

SELF equips property owners with the much-needed skill, expertise, and financing, to help them recognize and make cost-efficient home energy retrofits such as renewable energy alternatives, energy conservation and energy efficiency. SELF clients benefit greatly from reduced power consumption. They, in turn, use their energy savings to assist them in paying back the SELF loans over time. Tax Credits and Rebates may apply as well to the numerous energy saving products financed through SELF.

Brief history of SELF

SELF was created in 2010, and ever since, it has enabled over 600 homeowners to upgrade their homes while lowering their energy costs at an affordable price. St Lucie County, Florida received $2.9 million worth of seed funding in that year as a DOE Better Buildings Neighborhood Program Grantee. It is after, that St. Lucie established SELF. It attracted additional capital by leveraging that investment including foundations, mission-driven investments from community banks, faith-based organizations, impact investors and crowd funding.

How does SELF Work?

An all-inclusive energy assessment is performed at your business or in your home through the program. The process is necessary to assist in identifying clean energy technologies and best practices that will give you as a client the greatest amount of savings and an efficient return on investment for your property.

Our finance and energy experts work hand in hand with you to fund the most economical energy investments through low interest rates, no-money-down loans. Additionally, the program provides a selection of contractors from an approved SELF Contractor list to finish the job. This low-interest rate program was put up to reduce your energy bills and give you access to clean energy solutions.

What about PACE?

PACE is a Property Assessed Clean Energy program from St. Lucie County. It’s available to all eligible industrial, commercial, residential, agricultural and non-profit property owners. It’s an alternative financing program that is made available to assist St Lucie County homeowners in making improvements to facilities and building. Such improvements include:

  • Renewable energy alternatives
  • Energy efficiency
  • Wind Hazard mitigation projects

PACE is an equity secured program in the subject property. You pay back voluntary assessments over time on the property tax bill.

How to apply for SELF

If interested in applying for SELF, you have to follow five simple steps:

Step one

You, as the property owner, being the primary applicant, should completely fill out the Loan Application packet. There is a required document submission checklist that has to be followed and loan application fee of $25. The primary qualifications that determine your approval and consideration for the loan are; home ownership, steady income, creditworthiness and proof of ability to repay the loan. It is important to submit as much income information as possible in the application so that the underwriter can make a sound decision. Either the Loan Underwriting Department is assigned a Loan Officer/Program Manager who will contact you in case more information is required.

  1. Submit your information.
  2. Upon application approval, the home may be required to receive an energy assessment based on the type of installation. The Loan Program Manager or Loan Officer will notify you to discuss the next steps, financing options, project management and the best possible solutions to ensure energy savings.
  3. You as a property owner will ask for quotes and obtain them from the approved SELF Contractor list. It is a recommendation to receive quotes from more than one contractor on the list. SELF only provides financing for improvements that are completed by SELF’s list of approved contractors.
  4. After finally settling on a contractor, you should contact the Loan Officer or the Loan Program Manager to schedule a loan closing appointment or a final consultation. The loan is then closed for the quote amount minus utility cash rebates. After that, SELF issues an official letter to the contractor(s) to continue with the improvements.
  5. SELF will acquire the final paperwork from the contractor upon completion of the improvements. SELF will then proceed with the issuing of payments to the contractors as long as the improvements are satisfactory to their standards.

Energy Assessment

An energy assessment is vital because it brings knowledge that will allow you to pinpoint the energy saving improvements that are the most cost-effective and best fit your home. All SELF clients are encouraged to get the energy assessment done and sometimes, it is mandatory. To gain more information on the energy auditors, fees associated and the different levels of energy assessments, please contact SELF.

The assessment fee may be included in the SELF loan once approved, and a loan is closed.

  • Martin County homeowners in Martin County get free energy assessments with HERS ratings. If interested in this option, kindly contact 772-468-1818
  • The City of Stuart homeowners in the City of Stuart receiver free BPI energy assessments. Kindly contact 772-468-1818 regarding this option.

SELF energy auditors

Here is a list of the SELF energy auditors:

  1. VESCO, Inc. – Carey Reddick. He is a local Veteran who provides a home analysis and an in-depth onsite inspection as well as recommending of energy-saving products. He provides two types of Energy Assessments; BPI-Building Performance Institute Energy Assessment and the general clipboard assessment. You may foot the cost of the Energy Assessment in full, or it could be rolled into the SELF loan if approved, and the loan is closed.
  2. Bluestream Energy – Lewis Zemanian. He provides an all-inclusive onsite inspection of the home and conducts an analysis of it as well as recommending energy-saving products. He provides three different Energy Assessment types; the BPI-Building Performance Institute Energy Assessment, general clipboard assessment, and an Energy Assessment done with the Home Energy Rating Services (HERS) index. You may foot the cost of the Energy Assessment in full, or it could be rolled into the SELF loan, if approved and the loan is closed.
  3. All Elements – Gary Carmack. He provides an all-inclusive on-site inspection of the home and conducts an analysis of it as well as recommending energy-saving products. He provides three different Energy Assessment types; general clipboard assessment and two levels of the BPI-Building Performance Institute Energy Assessment. You may foot the cost of the Energy Assessment in full or it could be rolled into the SELF loan if approved and the loan is closed.

Here is a product list of Eligible Projects Financed by SELF

1. Window & Storm Mitigation:

  • Dry Wall Repair
  • Water Barriers: Roof Soffit Vent Sealing, Flashing
  • Doors and Garage Doors
  • Impact Windows
  • Hurricane Clips/Straps and Roof Anchors
  • Roof Repair and Reinforcement, Hail Protection
  • Building Envelope
  • Hurricane Shutters and Fasteners

2. Energy Efficiency:

  • Water Heaters: Tank, Tankless & Instant
  • Air Conditioning Units
  • Insulation
  • Duct Sealing
  • Window Tinting
  • Weatherization Package: Weather Strips, Sealing and Caulking.
  • Indoor/Outdoor Lighting
  • Pool Pumps & Motors

3. Indoor/Outdoor Water:

  • Low Flow Toilets/Showerheads/Aerators
  • Rain Water Barrel/Cisterns and Reclamation
  • Irrigation Package: Timers, Sprinkler Heads, Soil Moisture Sensors, Drip Irrigation and Irrigation Controller.

4. Roofing and Roof Repairs

  • Garage Doors
  • Windows
  • Doors/Door Frames

5. Solar Energy:

  • Solar Attic Fans
  • Solar Water Heaters
  • Solar PV Panels
  • Solar Pool Pumps & Pool Heaters

SELF is changing the world we live in one energy improvement at a time. The drive to create a positive economic, environmental and social change has impacted many communities and individuals, and will continue to do so. People’s health, safety and even the quality of life in their homes have drastically changed the process, yet is relatively affordable considering the cost of savings they will gain in the long run, not to mention the effect it will have on the environment and the atmosphere’s carbon footprint.

If you would like to apply for a SELF Loan, click here.

Clean Energy Loans Could Mean a Boom in the Economy

Posted on by

Clean energy is the biggest and newest thing in our modern culture. With the fall of the coal mines and using coal for fuel, people have been looking for a way to create more energy through less evasive means that might clog up the atmosphere. So many changes have been made in the search for the things needed to bring clean energy into modern homes. There are many different forms of clean energy as well, meaning that everyone can be unique in their choices for clean energy.

Many homeowners are even looking for ways to fund their clean energy actions to help make their home more efficient and even cheaper in the long run. Just like when buying a car, obtaining a loan can help lift the stresses of coming up with the funds up front. Before you prepare to get your clean energy loan, you need to understand the process and how they could benefit the economy. Below is a little more information about the topic of clean energy loans and how they could create a boom in the economy.

What is a Clean Energy Loan?

Clean energy loans are a method of obtaining money to convert homes or buildings into more energy efficient places by using clean energy. If you don’t know what clean energy is, then keep reading. You’ve probably seen solar panels that are used to harness the energy from the sun to create light or other things in the home. This is the basis of clean energy. However, clean energy is not limited to solar power. In fact, clean energy can come from water, the wind, and even the heat outside. Clean energy comes from natural resources that don’t have to be mined to obtain.

A clean energy loan is similar to a regular loan, but it is used only for the purpose of increasing the clean energy technology which is innovative and exciting at the same time. Renovating your home to include clean energy technology can be expensive, especially if you are paying up front for the entire system. In this case, having a loan would help alleviate the pressures of the cost of this technology. If you take a look at Energy.gov, you will find more information about Title XVII which is the new program to help provide financial support to the clean energy projects around the world.

What are the Benefits of Clean Energy Loans?

The benefits of clean energy are not exactly hidden. In today’s culture, with the rise of everything clean and efficient, clean energy seems to be at the forefront. By doing away with the excessive use of coal, homes can be heated faster and for longer without problems. By using solar power to run homes, homeowners can save money just by swapping to a natural source. There are many benefits to the homeowner, but there are benefits for the globe as well.

With the use of natural resources that do not have to be mined, the atmosphere will no long change as quickly, and the soil might not be as quick to fall away. You’ve probably heard of global warming from all of the fuels in the air. Well, consider what clean energy would do to the atmosphere. The use of water energy might bring about more rain showers once the water cycle is moving faster again, and the droughts might become few and far between. Many of the benefits of clean energy will take years to be noticed, but each little change helps. The earth is not the only thing that will benefit from a clean energy change.

How Will the Economy be Changed?

The economy will also experience a change with the inclusion of clean energy into homes and businesses. One of the biggest changes that might happen to the economy is the creation of multiple new jobs. In fact, this change is already beginning to play out, and clean energy jobs have surpassed that of coal mining jobs across the country. If you take a look at Clean Technica, you will see just how well this clean energy project is creating so many new jobs for many people.

Another benefit of clean energy in the economy is an imminent boom. It has been noted that clean energy can bring about a boom in jobs, which will also bring about a boom in other things in the economy. It can also help homeowners save money in the long run, which can be beneficial to them by allowing them to buy more, which might increase demand and lower prices on other items in stores. All-in-all a change to clean energy is the best route to get the economy boom and change that many people are striving for.

How to Get a Clean Energy Loan

If you are prepared to get a clean energy loan to help transform your home into a more energy efficient living place, then there are certain steps you need to take. First, you need to find out if your local loan provider gives out loans of this type. Since clean energy loans are somewhat new, your provider might not be able to provide a loan for this sort of purchase. If you need to, you can contact American Savings Bank for your clean energy loan.

Just like when you are getting any loan, you will want to compare rates. To be more cost efficient, you will want the best rate available to you. Another thing to consider is the amount of loan that you can get. Since many places don’t yet recognize clean energy loans as valid, you will want to find a place that offers a clean energy loan in the amount that is going to fit your needs. If you want to completely redo your home with clean energy technology, then you will need a larger loan. If you are only going for a partial renovation, then a smaller loan amount might be a better option.

What Now?

Once you have decided which clean energy technology you wish to use and after you have gotten your clean energy loan, you might wonder what to do next. Just like when building a house or renovating, you will begin by speaking with the company that will install your new system. They will be able to explain how the process will work, what you will need to do to take care of your new system, and how it will connect to your home.

When it comes to the loan portion of your clean energy system, you can discuss with your provider what your rates are, how much your payments will be, and when they will be due each month. By getting all the information you can on both sides of the spectrum, you can make sure that you will be less likely to become confused about the way that your clean energy system works.

Clean energy is a new and exciting technological advancement that makes it easy to obtain energy through natural means. Instead of spending tons of money on other sources of energy, homeowners can now update their homes to function by using clean energy means such as solar power, water power, wind power, and more. Since incorporating clean energy can be expensive, many loan providers have made it easy to get the money you need to purchase and install a clean energy system.

Through clean energy loans, any homeowner can obtain the money they need to renovate their home to meet clean energy standards. Not only will this eventually benefit the earth, but it will also benefit the home owners themselves and the economy with a rise in jobs and savings in the average person’s bank account. By getting a clean energy loan yourself, you could contribute to the imminent rise of the economy, and you might even be helping save the world.

What is PACE (Property Assessed Clean Energy) and How to Apply?

Posted on by

What is PACE (Property Assessed Clean Energy)

PACE (Property Assessed Clean Energy) is an effective way of financing renewable energy, energy efficiency upgrades, and water conservation upgrades to commercial, residential and industrial property. This financing program base its functions on the land secured financing district also known as assessment district or local improvement district. This body allows the local government to issue a bond to finance public intended projects, like street lighting or sewer and underground developments. However, recent transitions have seen this financing model extend to renewable energy and energy efficiency, which allows property and business owners to make improvements on their premises without an up-front payment, which is not affordable.

PACE can be utilized to fund building efficiency improvements such as cool roofs, hurricane preparedness measures, insulations and air sealing, water efficiency products, and seismic retrofits, depending on State legislation. Some examples of the upgrades are LED lighting and roofing for the commercial projects and adding more attic insulation or installing solar panels on the roofs in residential units.

PACE assists homeowners and business owners to finance renewable energy and energy efficiency projects for their property. It is a voluntary program whereby the business or home owner receives financial aid from his/her local government to take care of the upfront cost of energy improvements. The owner in exchange pays back the cost through a special assessment done on their property tax over a period. This period could be a couple of years or even a couple of decades. The loan is tied to the property and not the owner; which means that in the unfortunate event of foreclosure, the loan repayment is given priority to be repaid before any other claims to the property. The obligation of repayment also stays with the property so that if the owner sells their property, the new owner takes up the responsibility of paying back the loan and assumes ownership of the product. This is beneficial to home and property owners who are ever hesitant in making new changes for fear of moving without first recovering the amount spent on the changes.

The financing is processed just like other local public benefit assessments, sewers, sidewalks, have been processed. It is repaid as an evaluation on individual or company property’s tax bill. It can be used for nonprofit, commercial and residential properties depending on local legislation.

Commercial Property-Assessed Clean Energy Programs

Although not yet fully implemented in all states or regions of the US, some are already enjoying the benefits of commercial PACE programs. The program utilizes the availability of financing bodies to further their course. However, some of the programs are still new and have not yet funded significant volumes. Other places, on the other hand, have seen million-dollar improvements. Boulder County’s Climate Smart Loan Program and the Sonoma County’s Energy Independence Program (SCEIP) are two good examples.

Residential Property Assessed Clean Energy Programs

This type of PACE program has over time received enough criticism and strict regulatory measures. Some domestic PACE operations through the Federal Housing Finance Agency(FHFA) have been suspended. The feeling that PACE programs have a superior lien status than that of an existing mortgage caught the housing finance’s attention. What this meant is that supposing one defaults, all the remaining PACE assessment amount would the prioritized and paid off first before the original deeds of trust, even though it shouldn’t necessarily be the whole financed amount. This stopped several PACE programs except for few pilot ones. Luckily, the commercial sector remains intact.

How Does Pace Work?

It is a national initiative in the US, yet the programs are locally established and are tailor-made to cater to the regional market requirements. Municipalities are authorized by approved state legislation to establish PACE programs. Local governments have in turn developed different program models, which have been implemented successfully. No matter the model, similarities, and points do not change for all PACE programs:

  • PACE programs are voluntary for every individual/company involved.
  • Loan repayment can go up to 20 years.
  • The program can cover 100% of a project’s costs; both hard and soft.
  • Energy projects will be permanently fixed to a property regardless of a change in ownership.
  • You can combine PACE programs with local, federal and utility incentive programs.

The success of PACE programs

There have been numerous pilot programs in different US states, and they have shown that PACE properties tend to have lower rates of foreclosure, an increase in energy savings and have provided many benefits that are in line with the overall PACE policy objectives. PACE was first introduced in pilot programs in 2008. Today, over 30 states have authorized the launch of PACE programs. These programs have led to creating hundreds of jobs and investment of millions of dollars.

Pace has become so popular among property owners because it enables them to fund projects with no costs from their pockets. Since you can repay the loan in up to 20 years, a property owner can add components to the projects that are comprehensive and have significant energy savings, which significantly impact the result. The energy savings that a PACE project gets annually exceed the annual assessment payment most of the time. This assures the property owner immediate positive cash flow. This gives room for surplus cash that can be used to further other projects or expand the business.

PACE is also a local government favorite because of the low cost of doing business in the community brought about because it is an Economic Development Initiative. It promotes investments by new business owners in the area, and the positive impact that it has on the environment is a plus.

The Application Process

PACE programs are a long-term solution offering private financing for homes and businesses that wish to invest in renewable energy and upgrades to their energy efficiency. In the US, PACE-enabling is currently active in 33 states plus Washington D.C. PACE programs were launched and are operating in 19 stated plus D.C. Presently, residential PACE is offered in the three states of Florida, Missouri, and California.

You can apply for PACE at a state level. Once you have confirmed whether or not your state is PACE active, the next step is to either physically visit or go online.

The application process is relatively simple involving filling in an application form. Here are the application instructions:

  1. l out the full online application by downloading the files.
  2. Mail or deliver the completed application to the appropriate PACE state offices. You also have the option of emailing the PDF version of your application to your state PACE website.
  3. All applications will be processed once received. If you have an incomplete or incorrect application, the application will not be processed. Once re-submitted, the application shall be treated according to the new receipt date.
  4. If you submit an online application, you are to receive an email from you state PACE representative within 24hours. If you don’t, contact the office to ensure that your application was successfully submitted and received.
  5. You have to apply, get approval and execution before financing is available.
  6. Always keep a copy of the completed Aapplication, receipts, documents and paid invoices.
  7. If you have any questions regarding your application status, do call or email a PACE representative.

Pros and Cons of PACE

There are advantages and disadvantages when it comes to PACE. Before making the decision, you should weigh them both to ensure that the decision you make is well informed.

Pros

  • Loan repayment is stretched out over a period of many years and eases the burden by allowing the sale or refinancing without the requirement of full debt repayment.
  • PACE financing is a safe method of funding large scope projects over extended periods of time. This makes more have a more cash flow positive curve.
  • Municipalities are allowed to encourage renewable energy and energy efficiency without placing the general funds at risk
  • Some property owners get assistance by having the payments deducted from their income tax liability.
  • It could lead to low-interest rates since there is high security backing up loan repayments that are linked to the US property tax bill.
  • Utilizes large sources of private capital, e.g., municipal bond markets.

Cons

  • There is high administrative and legal setup.
  • Financing is only available to property owners.
  • The loan is not applicable to portable items.
  • It may require taking up dedicated local government employee time.
  • Investments below $2500 are not suitable.
  • Lenders/Mortgage holders may bring in resistance because their claims to the property have lower priority to the outstanding assessment amount in the event of foreclosure.

In as much as the PACE programs continue to grow amidst the few challenges in the residential sector, it still remains unclear whether the department of energy will continue to support the program to ensure further developments. Nonetheless, should the support be unforthcoming, PACE will still be the local and state initiatives that would not depend on the department of energy entirely. It still remains as one of the most revolutionary and potential growth in many states.