CHF Residential Energy Retrofit Program - Overview
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CHF Residential Energy Retrofit Program - Overview

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General overview of the CHF Residential Energy Retrofit Program. What financial assistance is available for making energy efficiency improvements. How it works. How to get started.

General overview of the CHF Residential Energy Retrofit Program. What financial assistance is available for making energy efficiency improvements. How it works. How to get started.

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CHF Residential Energy Retrofit Program - Overview CHF Residential Energy Retrofit Program - Overview Presentation Transcript

  • Sponsored by California Home Finance Authority (CHF) Updated 05/07/14 CHF RESIDENTIAL ENERGY RETROFIT PROGRAM Welcome to the
  • Page 2 www.chfloan.org Program Overview • Provides financial assistance for residential energy efficiency improvements LASSEN SIERRA TEHAMA MODOC PLUMAS NEVADA EL DORADO SISKIYOU DEL NORTE TRINITY BUTTE LAKE HUMBOLDT SHASTA MENDOCINO YOLO SONOMA NAPA SUTTER PLACER SACRAMENTO SOLANO MARIN CONTRA COSTA SAN JOAQUIN SAN FRANCISCO SAN MATEO ALAMEDA STANISLAUS MERCED MADERA SANTA CLARA SANTA CRUZ MONTEREY KINGS SAN LUIS OBISPO KERN SAN BERNARDINO VENTURA SANTA BARBARA LOS ANGELES ORANGE RIVERSIDE SAN DIEGO IMPERIAL TUOLUMNE MONO ALPINE CALAVERAS MARIPOSA INYO AMADOR GLENN COLUSA TULARE FRESNO YUBA SAN BENITO • Currently Available in 44 Counties of California (CHF is working on expanding the program to additional counties in 2014) In partnership with: • Five Star Bank • Pacific Gas & Electric Company (PG&E) • Energy Upgrade California Home Upgrade
  • Page 3 www.chfloan.org Benefits to Homeowners • Financing option when no “cash resources” available • Improve comfort of the home • Potentially lower utility bills • Potentially increase the home’s value • Reduce energy consumption / help the environment • Support the local economy View slide
  • Page 4 www.chfloan.org If your car was leaking gas, what would you do? View slide
  • Page 5 www.chfloan.org Your house is no different.
  • Page 6 www.chfloan.org What can you do about it? • Energy Upgrade your home with the help of the CHF Residential Energy Retrofit Program  Energy Efficiency = Use less energy to provide the same level of energy service  Potential benefits:  Energy Efficiency  Comfort  Safety  Durability  Home Value  Utility Bills  Carbon Footprint  Home Failures  Moisture Problems  Health Issues  Cleaning
  • Page 7 www.chfloan.org How to Get Started 1. Get a Home Performance Assessment  From a CHF Participating Contractor  Listed on our website at www.chfloan.org  Contractor will provide a report on your home’s current energy efficiency and recommendations for improvement (and costs for the work) 2. Apply for financing through the CHF Program 3. Upon qualifying for credit, submit an Energy Retrofit Project for approval  Your Contractor will help you complete both the credit application and the project request
  • Page 8 www.chfloan.org What does a Home Assessment or “Whole-House” Inspection entail? 1. Performed by a qualified CHF Contractor 2. Interior is inspected:  Air Leaks,  Thermal Bypasses (how air moves through house),  Insulation, etc. 3. Exterior is inspected:  Roof  Windows/Doors/Siding  Crawlspace or Basement  Chimney  Exterior Drainage Systems, etc.
  • Page 9 www.chfloan.org Energy Assessment Tools • An infrared camera can display temperature differences between surfaces and help determine if a wall is insulated. It can show drafts and moisture, which can lead to mold problems. • A blower door is used to measure leakage in air ducts, which affects heating and cooling efficiency. • A carbon monoxide meter is used to determine if your combustion appliances are properly vented so the air is safe for your family to breathe.
  • Page 10 www.chfloan.org What does a Home Assessment or “Whole-House” Inspection entail? 4. Heating, Ventilation and Air Conditioning  Combustion safety  Unit efficiencies  Proper sizing  Duct leakage  Ventilation (range hoods, bath fans, etc) 5. Provides a Diagnostic Summary  Utility bill analysis  Recommendations list  Prioritization of recommendations by cost, energy efficiency improvement and ease of performing work  Models “what if” scenario = provides an estimate of energy efficiency savings
  • Page 11 www.chfloan.org Examples of Eligible Measures Old or inefficient water heater (including solar units) Insufficient or low-grade insulation in attic Old heating or cooling system Leaky air spaces Bad duct systems Inefficient lighting Inefficient appliances Leaky windows Insufficient insulation in basement Cool roof Solar Panels
  • Page 12 www.chfloan.org Ready to Upgrade? Now What? • Apply for financing through the CHF Program  Your contractor will help you submit all paperwork • Submit your project for approval  Must select improvements that will result in a minimum of 10% energy savings  Project can include solar or renewable energy measures if the energy efficiency measures = minimum of 10% energy savings • Sign loan documents upon project approval • Contractor completes work
  • Financing Terms and Conditions
  • Page 14 www.chfloan.org What are the Loan Terms? • 6.5% fixed interest rate* • 15-year fully amortizing • Max loan amount = $50K  No minimum loan amount  Loan amount must not exceed amount of credit approval • 100% of an approved project can be financed  No down payment is required from homeowner • No prepayment penalty  Loan is however, due and payable upon sale of home * Interest rate quoted as of 11/13/13 and subject to change at any time
  • Page 15 www.chfloan.org Loan Terms continued • Loan secured by UCC 1 Fixture Filing lien  Lien on any tangible equipment installed as part of the energy efficiency retrofit (equip cost) • Monthly loan payment examples:  $10,000 loan at 6.5% = $87.11/month (APR 7.365%)  $20,000 loan at 6.5% = $174.22/month (APR 6.924%) * Interest rate quoted as of 11/13/13 and subject to change at any time
  • Eligibility Guidelines
  • Page 17 www.chfloan.org Property Eligibility • Must be located in an eligible county • Single-family, 1-4 unit, residential property  Modular homes are eligible  Manufactured & mobile homes are NOT eligible  DOES NOT have to be primary residence (Rental properties are permitted) • NO appraisal on home required
  • Page 18 www.chfloan.org Applicant(s) Qualifications • Must be owner of subject property • Mortgage and property taxes must be current • No judgments, tax or mechanic liens allowed • Must have a current source of income  There are NO Income Limits  Any source of verifiable income is allowed • Minimum credit score of 640 required • Maximum debt-to-income ratio of 45% • Auto withdrawal of payment is required Applicant(s) = All parties on title
  • Page 19 www.chfloan.org Program Fees for Applicant • Applicant Fees = $545 per transaction  Administration Fee = $200  Underwriting Fee = $150  Escrow Fee = $195 • Fees can be automatically included in the Loan Amount  Not to exceed credit approval amount
  • Page 20 www.chfloan.org Get Started Today • Contact a CHF Participating Contractor  List available at www.chfloan.org  Or call CHF at (855) 740-8422 for a referral • Setup your home assessment • Apply for financing / Get approved • Discuss your options for improvements / Submit your project for approval • Sign your loan documents • Energy upgrade!
  • Page 21 www.chfloan.org Thank You For Your Participation Presentation contains program highlights only. All guidelines are subject to change without notice. The CHF Residential Energy Retrofit Program is sponsored by CRHMFA Homebuyers Fund (“CHF”), a California Joint Powers Authority. Funding for this program is made possible through funding from Five Star Bank and may be supported in part by funds from one or more of the following; your local Investor Owned Utility (“IOU”), the California Public Utility Commission (“CPUC”), CHF, or the California Energy Commission (“CEC”), as part of an award to the CEC by the Federal Department of Energy under the American Recovery and Reinvestment Act. 05/07/14 Note: California Home Finance Authority (CHF) was formerly known as CRHMFA Homebuyers Fund (CHF). A formal name change is pending. California Home Finance Authority (CHF) 1215 K Street, Suite 1650 Sacramento, CA 95814 www.chfloan.org (855) 740-8422