Implementing Sector | State |
---|---|
Category | Financial Incentive |
State | Connecticut |
Incentive Type | Loan Program |
Web Site | http://ctgreenbank.com/programs/multifamily/sherpa/ |
Administrator | CT Green Bank |
Eligible Renewable/Other Technologies | Solar Photovoltaics, Geothermal Heat Pumps |
Eligible Efficiency Technologies | Water Heaters, Furnaces, Boilers, Heat pumps, Air conditioners, Windows |
Applicable Sectors | Multifamily Residential |
Maximum Loan | Opportunity assessment: $1650 per building Energy audit: 75% of the audit cost Design and development cost: 75% of the cost |
Loan Term | Due in 24 months or upon project financing |
Interest Rate | Affordable properties: 0%; market rate properties: 2.99% |
The Sherpa Pre-Development Energy Loan offers an affordable, low-risk, one-stop solution to analyze, design and arrange financing for green energy upgrades. Connecticut Green Bank has partnered with New Ecology Inc., an expert multifamily technical services provider and nationally-recognized non-profit, to act as an owner’s representative to help scope, design and arrange financing for energy improvement projects.
Eligibility
The program is open to multifamily housing properties with 5 units or more. Income eligible and market rate properties can participate (Private and non-profit owners, public housing authorities, senior/assisted living communities, condominium/co-op associations, etc.)
Program Description
The Sherpa loan program has three stages: energy baselining/opportunity assessment; energy audit; and design engineering & development.
Energy baselining/opportunity assessment: To assess your property’s potential
Out of pocket cost:
Energy audit: To identify improvements and estimate costs and savings
Out of pocket cost:
Design engineering & development: To design your project
If you choose to proceed, New Ecology provides customized pre-development services to get your project designed, funded and ready for implementation. Services may include: mechanical engineering design, bid specifications, construction documents, work bidding, environmental testing and securing utility incentives.
Out of pocket cost:
Once the project is designed, Connecticut Green Bank can either directly finance or help you arrange finance options to implement your project. Please visit the program website for application.