Solar & Battery Regulation & Incentive Programs

Multifamily Sherpa Pre-Development Energy Loan Program

Program Overview


Category:
Financial Incentive
Program Type:
Loan Program
Implementing Sector:
State
State:
Connecticut
Eligible Storage Technologies:
Solar Photovoltaics, Geothermal Heat Pumps, Water Heaters, Furnaces, Boilers, Heat pumps, Air conditioners, Windows
Website:
http://ctgreenbank.com/programs/multifamily/sherpa/
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%
Administrator:
CT Green Bank
Applicable Sectors:
Multifamily Residential
Last Updated:
09/01/2017

Summary

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

  • An initial energy assessment is performed to identify opportunities for heating, cooling, lighting and other efficiency upgrades, as well as solar feasibility. Receive a report on estimated savings
  • Review recommendations, chart a course of action and explore funding options

Out of pocket cost:

  • Owner co-pay: $250/building
  • Green Bank loan: $1,650/building

Energy audit: To identify improvements and estimate costs and savings

  • Receive a detailed list of energy upgrade options and recommendations
  • Identify available utility incentives, tax credits and other funding sources
  • Calculate cost savings and return on investment

Out of pocket cost:

  • Owner co-pay: 25% of audit cost.
  • Green Bank loan: 75% of audit 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:

  • Owner co-pay: 25% of design development cost.
  • Green Bank loan: 75% of design development 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.