ECO-Link Ohio Program

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An overview of the Energy Conservation for Ohioans Linked Deposit Program, from the Ohio Energy Summit 2010.

Transcript of ECO-Link Ohio Program

  • 1. Energy Conservation for OhioansLinked Deposit Program

2.

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

3.

  • What is ECO-Link?
  • The Energy Conservation for Ohioans (ECO-Link) program is the Ohio Treasurys newest linked deposit initiative
  • Provides an incentive for homeowners to complete energy efficient projects in their homes
  • Homeowners receive a3%interest rate reduction
  • on qualifying bank loans forfive or seven yearswhen
  • completing weatherization projects or installing
  • Energy Star rated products in their homes

4.

  • 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

5.

  • 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 Homeowners 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

6.

  • 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

7.

  • Whats the difference between ECO-Link & Traditional Financing Methods?
  • Interest
  • Average Loan Approved at6.79%*
  • Average Rate After Reduction3.79%*
  • *as of 11/10/10

8. 9.

  • 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 areNOTeligible for the rate reduction

10.

    • 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 11.

  • 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 programs 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

12.

  • Tax Credit Savings for Eligible Products (Weatherization)

13.

  • Tax Credit Savings for Eligible Products (Weatherization)

14.

  • Tax Credit Savings for Eligible Products (Renewable)

15.

  • 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.

16.

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