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ECO-Link Ohio Program
- 1. Energy Conservation for Ohioans Linked Deposit Program
Notas del editor
- This program was rolled out in September of 2009 and is expected to help homeowners, banks and energy efficient contractors to benefit in Ohio’s new Green Economy. The program provides an incentive for homeowners to complete energy efficient projects in their homes. The program does this by reducing the interest rate on qualifying bank loans by 3% for a five year loan when they complete weatherization projects or install Energy Star rated products in their homes.
- Here is how homeowners can participate Single family homes include condos, however the program is not open to landlords Qualifying bank loans at this time refers to home equity loans (rates are 6-9%) and unsecured installment loans (rates 7-10%) BPI and RESNET are the industry standard certifying organizations Homeowners who purchase Energy Star appliances with loan funding are eligible. We anticipate these purchases to being made as part of a larger project Renewable Energy products such as solar panels, wind turbines, and geothermal heat pumps are also eligible for the program
- The process for participating in the ECO-Link program is easy and can be done in the following steps. First a homeowner approaches one of our partner banks to receive pre-approval for a qualifying loan. Next the homeowner contacts a home energy auditor or an energy efficient installer to receive a quote for the estimated cost of the project. Then the homeowner and lender submit the audit or quote and an ECO-Link application to the Treasury where it will be reviewed to ensure that it meets the requirements of the program. The treasury then notifies the lender the final verdict on the application In the fifth step the homeowner works with the contractor to complete the energy efficient improvements Once complete the Treasury will place a CD with the bank who will in turn, lower the homeowner interest rate by 3% over the life of the 5 or 7 year loan. Homeowner has the option of a 5 or 7 year term if the loan amount is greater than $25,000. Once complete the homeowner will submit a certificate of project completion to the lender. If the homeowner is only purchasing a Energy Star product (i.e. a furnace) they only need to submit their receipt for the product and the Energy Star manufacturer certificate to their lender as proof of the purchase
- For Homeowners, the major benefits of the EC0-Link program are: It allows homeowners to finance the cost of projects at a rate of 3% below the market rate for a period of 5 years The average Ohio homeowner spends between $200-$300 per month on standard utility bills, and weatherization projects in homes with energy efficient products save between 10-30% on these types of bills. And lastly, many of the energy efficient improvements are eligible for federal tax credits and additional rebates. The Federal tax credits are for 30% of the project costs up to $1,500 on qualifying Energy Star products. Renewable projects like solar panels, wind turbines, and geothermal heat pumps receive a 30% tax credit on the total cost. In addition to this, many utilities companies offer rebates on energy efficient products which can be used in conjunction with ECO-Link.
- Now in order for banks to participate in the program, they must meet the following requirements: The Bank must be a qualifying state depository bank, this means that credit unions are not able to participate in the program The bank must provide a 3% interest rate reduction for 5 years on qualifying loans. The maximum loan amount that we will decreases interest rates for is $25,000 There is no minimum loan amount; however some of the banks have set a floor at $3000 on project loan amounts Typically, lines of credit are not eligible for the rate reduction. One exception is US Bank which has a Home Equity line of credit, and that is because this product has a fixed interest rate. Loan interest rates must be fixed for the life of the loan Rate charged on each CD is 0.15%
- Here is a list of our current bank partners.
- In addition to homeowners and banks, home energy auditors and contractors play a vital role to the success of ECO-Link. We benefit from knowledgeable contractors who are able to present the ECO-Link program to their customers as a means to assist in the financing of their energy efficient projects. The contractors benefit by having another tool in their arsenal to incentivize homeowners to complete energy efficient projects and this increases their customer base. Contractors can join our list of certified home raters by submitting their BPI or RESNET certification to the email address behind me. Now, just for clarity’s sake, contractors do not have to have this certification to participate in the ECO-Link program. They only need the certification to perform a home energy audit or rating, it is not needed for installments of energy efficient projects such as windows, doors, & solar panels.
- Here is a list of the products that are eligible for tax credits from the Federal Government.