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Smart-E Loans Energize CT Single-Family Residential Financing Programs Energize CT HES Payment C4C Landlord Loan Energy Conservation Loan Smart-E Loan Heating Loan Plan (ECL) (Micro Loan) **Emergencies only** 9 banks and Lender Capital for Change Capital for Change Capital for Change Capital for Change credit unions Interest Rate 4.49% - 6.99% 0.99% 0% 4.49% - 6.99% 0-3% Repayment Plan 5, 7, 10 or 12 years 3-10 years 3 years 5-12 years 10 years Payments may be added Capital for Change borrowers in Eversource Required Required Eversource Only NO to electric bill territory only Available to Eversource / NO YES YES NO NO UI Electric Customers Only Underwriting Basis Credit Report Utility History Utility History Credit Report Credit Report Minimum FICO 580 N/A N/A 660 N/A Debt to Income Ratio Max 50%* N/A N/A 50%* 50% *waived for higher FICO Minimum Loan Amount $500 $1,350 $1,000 $3,000 $400 Maximum Loan Amount $40,000 $15,000 $3,000 $40,000 $25,000 Owner-Occupancy Req’d YES NO NO NO NO CT Residency Required YES NO NO NO YES Income Limit Applies NO NO NO NO YES Eligible Improvements See Page 3-4 See Page 5 See Pages 6-7 Same as Smart-E See Page 8 HES Assessment Required NO NO YES NO NO Down Payment Required NO YES NO NO NO Fees NO NO NO UCC Fee $50 Recording Fee $60-$75 Prepayment Penalty NO NO NO NO NO Security Unsecured Unsecured Unsecured UCC Filing Secured by property capitalforchange.org/hes- capitalforchange.org/landlord- www.ctgreenbank.com/smarte www.ctheatloan.com https://capitalforchange.org/ecl-plan Website plan plan ** Loan criteria may vary by Program details are subject to change. The most up to date lender – see page 2 for lender details information will be available on the programs’ websites. Smart­E Lender Details Lender Homeowner How will the Qualifications contractor get paid? • Capital for Change • 580 FICO minimum • ACH (direct deposit), or • Nutmeg State Financial Credit • 50% debt-to-income (DTI) • Check to contractor Union maximum • DTI waived for FICO 680+ • CorePlus Federal Credit Union • 580 FICO minimum • Check to contractor • Mutual Security Credit Union • 50% debt-to-income (DTI) maximum • DTI waived for FICO 680+ • Eastern CT Savings Bank • 580 FICO minimum • Two-party check made • 50% debt-to-income (DTI) payable to homeowner maximum and contractor, released to • DTI waived for FICO 680+ homeowner • Ion Bank • 640 FICO minimum • Two-party check made • Patriot Bank • 45% debt-to-income (DTI) payable to homeowner • Thomaston Savings Bank maximum and contractor, released to • Union Savings Bank homeowner Note: lenders makes all final underwriting decisions 11 Smart-E Measures Technical Standards Home Performance/ Efficiency* Air Sealing Attic Insulation Ceiling starting R-Value must be ≤ R19, upgrade to ≥ R38 Duct Sealing Energy Efficient Zone Heating Controls Please contact CGB for technical standards Energy Efficient Lighting Systems Must be LED lighting Floor between conditioned and unconditioned space (e.g. basement, garage); starting R-value Floor Insulation must be ≤ R6, upgrade to ≥ R19 Wall insulation Wall starting R-value must be ≤ R4, upgrade to ≥ R13. No below grade walls or interior walls. Windows - Replacement ENERGY STAR, double pane, U-factor ≤ 0.27. Not for unconditioned spaces Heating and Cooling* Split systems: ENERGY STAR, 16 SEER, 12.5 EER, 10.0 HSPF Air Source Heat Pump Single packaged systems: ENERGY STAR, 16 SEER , 12 EER, 8.2 HSPF Biomass (Furnace or Boiler) ASME Certified, 85% AFUE, Fully Automated Split systems: ENERGY STAR, 16 SEER, 12.5 EER / Central Air Conditioning Single packaged systems: ENERGY STAR, 16 SEER, 12 EER Single Indoor Unit: 20 SEER, 10 HSPF ENERGY STAR and AHRI Rated Ductless Mini-Split Heat Pump Multi-Indoor Units: 18 SEER, 9 HSPF ENERGY STAR and AHRI Rated ECM Boiler Circulator Pump Installed on any fuel boiler GLHP Closed Loop Water to Air 17.1 EER, 3.6 COP Ground Source Heat Pump DX Direct Expansion Refrigerant 16.0 EER, 3.6 COP Water to Water 16.1 EER, 3.1 COP Hot Water Boiler - Natural Gas ENERGY STAR, 90% AFUE with temperature reset or purge control Hot Water Boiler - Oil ENERGY STAR, 87% AFUE with temperature reset or purge control Hot Water Boiler - Propane ENERGY STAR, 90% AFUE with temperature reset or purge control Natural Gas Conversion - Burner Natural Gas Conversion - CIAC Contributions in Aid of Construction Steam Boilers - all fuels 82% AFUE Warm Air Furnace - Natural Gas ENERGY STAR, AHRI rated 90% - 94% AFUE, Performance EAE of 2% or lower Warm Air Furnace - Natural Gas - High Efficiency ENERGY STAR, AHRI rated 95% AFUE, Performance EAE of 2% or lower Warm Air Furnace - Propane ENERGY STAR, AHRI rated 95% AFUE, Performance EAE of 2% or lower Warm Air Furnace - Oil ENERGY STAR, AHRI rated 85% AFUE Weather Responsive Controls - Natural Gas Smart-E Measures Technical Standards Heating and Cooling (continued) Weather Responsive Controls - Oil Weather Responsive Controls - Propane Water Heating* Heat Pump Water Heater ENERGY STAR, Energy Factor ≥ 3.0 Indirect Water Heater - Natural Gas Attached to ENERGY STAR boiler of ≥ 90% AFUE Natural gas storage or condensing water heater ENERGY STAR, Thermal Efficiency ≥ 0.95 On-Demand Tankless Water Heater - Natural Gas ENERGY STAR, Energy Factor ≥ 0.94 with electronic ignition On-Demand Tankless Water Heater - Propane ENERGY STAR, Energy Factor ≥ 0.82 Renewables* Electric Vehicle Recharging Station Level 1 or Level 2, commercially available charging station Micro CHP Please contact CGB for technical standards Micro Fuel Cell Please contact CGB for technical standards Natural Gas Vehicle Refueling Station Please contact CGB for technical standards Smart Meters Please contact CGB for technical standards Solar Hot Water Heater Please contact CGB for technical standards Solar Photovoltaic Battery Back-up Please contact CGB for technical standards Solar Photovoltaic Islanding Inverters Please contact CGB for technical standards Solar Photovoltaic System Please contact CGB for technical standards Other: Related Energy Measures Total cost cannot exceed 25% of loan amout Other: Asbestos remediation Other: Electric service upgrade Other: ENERGY STAR appliances Other: Mold remediation Other: Roof repair (must be done in conjunction with a solar or attic or wall insulation project) Other: Structural remediation Other: Tree removal (must be done in conjunction with a solar project) Other: Unlisted but relevant to improving the energy performance of a home * Rebates may be available. Please consult with your contractor Energize CT Heat Loan ENERGY STAR® Rated and other Qualifying Improvements Meets or exceeds specifications listed below as verified by: 1) AHRI certificate or 2) Manufacturer product specification documentation • Oil Boilers o AFUE ≥ 87.00% • Oil Furnaces o AFUE ≥ 85.00% • Natural Gas or Propane Boiler o AFUE ≥ 90.00% • Natural Gas or Propane Furnace o AFUE ≥ 95.00% • Natural Gas Steam Boiler o AFUE ≥ 82.00% • Air Source Heat Pumps o SEER ≥ 16.00, EER ≥ 12.50, HSPF ≥ 10.00 for Split Systems o SEER ≥ 16.00, EER ≥ 12.00, HSPF ≥ 10.00 for Packaged Systems • Geothermal Heat Pumps o Closed Loop Water to Air EER ≥ 17.1, COP ≥ 3.6 o Closed Loop Water to Water EER ≥ 16.1, COP ≥ 3.1 o Direct Expansion Refrigerant EER ≥ 16, COP ≥ 3.6 • AHRI Rated Ductless Heating and Cooling System of Matched Assembly* o Single indoor unit SEER ≥ 20.0, EER ≥ 12.5, HSPF ≥ 10 o Multiple indoor unit SEER ≥ 18.0, EER ≥ 12.5, HSPF ≥ 9 • Propane Tanks (purchase only) * Multi-zone indoor unit ductless systems with only 1 outdoor condenser unit are not subject to the 12 EER requirement. Residential Energy Efficiency Financing Eligible measures and qualifying criteria as of April 1, 2018 To be eligible for the 0.00% interest rate, a customer must participate in the Home Energy Solutions Program (HES) through an approved HES contractor. Measures or equipment financed must meet the criteria set forth below including the Home Energy Solutions (HES) participation and rebate criteria where noted. Non-owner occupied properties are only eligible for the 4.49% and up programs, and do not require a HES assessment. A special offer of 0.00% financing for Type 1 Measures is available for loan sizes of $1,000.00 to $3,000.00 with a maximum loan term of 36 months. This offer applies to homes heated by electric, natural gas, oil or propane. Minimum Loan Amount is $1,000 for the Special offer; Minimum Loan Amount is $3,000 for all other loans Maximum Loan Amount is $3,000 for the Special offer; Maximum Loan Amount is $25,000 for all other loans Maximum Loan Term is 36 months for the Special offer; Maximum Loan Term is 12 years for all other loans Advanced air sealing and/or duct sealing can be financed only when air sealing or duct sealing is necessary to increase the energy efficiency of the qualifying measure. The interest rate is set based on the qualifying measure installed. Measures that have unproven or questionable savings (including but not limited to fuel oil catalyst products, radiant barriers, and power correction devices) will NOT be financed. 100% of work being financed shall apply to qualifying measures as listed below. Non-listed work directly related and necessary to the installation of the listed qualifying measures may be financed along with the qualifying measure at the applicable interest rate. Energize Connecticut - Programs funded by a charge on customer energy bills. Qualifying Measures and Requirements – Type 1 Measures Measure Efficiency Requirements Additional Criteria Other High Efficiency Ceilings or Attic Floors with less than or
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