ECO-Link Ohio Program

Energy Conservation for Ohioans Linked Deposit Program

Overview
What is ECO-Link?
Participation & Benefits to Homeowners
Lender Participation
Contractor Participation
Eligible Products
Conclusion

What is ECO-Link?
The Energy Conservation for Ohioans (ECO-Link) program is the Ohio Treasury’s newest linked deposit initiative
Provides an incentive for homeowners to complete energy efficient projects in their homes
Homeowners receive a 3% interest rate reduction
on qualifying bank loans for five or seven years when
completing weatherization projects or installing
Energy Star rated products in their homes

Homeowner Participation:
Ohio residents who are owners of an existing single family home
Ohio residents who secure a qualifying bank loan with an eligible state depository bank
Ohio residents using Building Performance Institute (BPI)
or Residential Energy Service Network (RESNET)
raters certified to perform home energy audits and installations
Ohio residents purchasing and installing qualifying
ENERGY STAR certified products
and renewable energy products

Homeowner Process Steps:
Homeowner receives pre-approval for a qualifying loan with an eligible bank
Homeowner receives a home audit or quote from a contractor
Homeowner and Lender submit the audit or quote and ECO-Link application to the Treasury
Treasury notifies the Lender upon approval of the application
Homeowner works with the contractor to complete the energy efficient improvements
Treasury will place a certificate of deposit with the bank who will lower the Homeowner’s interest rate by 3% for the life of the five or seven (if loan amount is greater than $25,000) year loan
Once complete, the Homeowner submits a certificate of project completion to the Lender

Homeowner Benefits:
ECO-Link allows homeowners to finance the cost of projects at a rate of 3% below the market rate for five or seven (if loan amount is greater than $25,000) years

The average Ohio homeowner spends between $200-$300 per month on standard utility bills. Weatherization projects in homes with energy efficient products save between 10-30% on these types of bills
Many of the energy efficient improvements
are eligible for federal tax credits
and additional rebates

What’s the difference between ECO-Link & Traditional Financing Methods?
Interest
Average Loan Approved at 6.79%*
Average Rate After Reduction 3.79%*
*as of 11/10/10

Lender Participation:
Banks must be a qualifying state depository bank
Bank must agree to provide a 3% interest rate reduction for five or seven years on home equity or installment loans to qualifying customers
Rate reduction will be eligible on up to $50,000
Typically lines of credit are NOT eligible for the rate reduction

Key Bank
U.S. Bank
Huntington Bank
The Cortland Savings & Banking Company
First Citizens National Bank
First National Bank of Pandora
First National Bank of Bellevue
Fort Jennings State Bank
Greenville Federal Bank
Consumers National Bank
Old Fort Banking Company
The Republic Banking Company
The St. Henry Bank
Liberty National Bank
Lake National
Park National Bank
Century National Bank
Security National Bank
United Bank
Richland Bank
First-Knox National Bank
Current Bank Partners

Contractor Participation:
Home energy auditors can join our list of certified home raters by submitting their BPI or RESNET certification to [email_address] or fax 614-485-6901
Auditors will be added to the program’s list of participating partners and new business will be directed to them
through banks and the Treasury
ECO-Link will provide flexible financing
to customers allowing contractors to complete
more deals and increase their
customer base

Tax Credit Savings for Eligible Products (Weatherization)

Tax Credit Savings for Eligible Products (Renewable)

Conclusion
ECO-Link is designed to provide reduced rate financing through partnering banks for Ohioans completing “whole home” weatherization and energy efficient improvements in their homes.
Homeowners receive financing through our partner banks in the form of Home Equity loans or Installment loans.
Weatherization projects generally save 10-30% on energy bills and qualifying purchases are eligible for federal tax credits.

Contact Information
Jonathan Stone
Economic Development Manager
Department of Economic Development for
The Ohio Treasurer of State Kevin L. Boyce
Phone: 614-466-6546 Toll Free: 1-800-228-1102
Email: [email_address]
ECO-Link Website: ecolink.ohio.gov
Ohio Treasury Website: www.ohiotreasurer.com

ECO-Link Ohio Program

by GreaterCEA

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ECO-Link Ohio Program Presentation Transcript