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Financing Single Family Residential Energy Efficiency Retrofits

Financing Single Family Residential Energy Efficiency Retrofits. Adam Zimmerman Enterprise Cascadia November 3, 2010. Why engage in EE consumer finance?. CDFI Brand : If we don’t the carbon economy will be just about carbon, not opportunity

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Financing Single Family Residential Energy Efficiency Retrofits

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  1. Financing Single Family Residential Energy Efficiency Retrofits Adam Zimmerman Enterprise Cascadia November 3, 2010

  2. Why engage in EE consumer finance? • CDFI Brand: If we don’t the carbon economy will be just about carbon, not opportunity • Positioned: Seizing the opportunity at the earliest stages of an emerging industry • Policy: Removing the obstacles to policy innovation and unleashing huge demand • In turn creating markets that deliver outcomes • Regional: CO2 demands regional response and aggregated resources • Resource: Substantial and sustained to bottom line

  3. Outcomes to Date

  4. Market Maker Goal: Shift the residential energy efficiency market to an environment where action to improve the efficiency of homes is as easy as buying a car with better gas mileage. • Standardized product offering with options • Standardized & auditable performance rating • Widely branded “outlets” for sales • Affordable, easy to access financing terms • Warranty and peace of mind (value proposition) Ultimately, the product must remove obstacles to policy decisions that drive markets to “value” efficiency

  5. Product Specifications • CO2 Matters: Energy usage screen • Prioritize the greatest CO2 impact • Low Touch Underwriting • Non-Traditional: Utility payment history, FICO >590 • IT Platform: Linked to utilities and loan management • Product Specifications • Rate: 5.99% (3.99% for <250% Federal Poverty) • Term: 20 years • Security: subordinated lien on property • Servicing: on bill of utility providing energy for heat • Risk: Cash funded loan loss reserve: 10% • Affordable: Goal is net zero impact on the family budget

  6. Cross Selling Aligned Products • Efficiency Contractor Finance • Start Up for New Entrants Goal: Support business productivity and growth to meet demand • Provide access to working capital • Blanket loan agreements for individual contract advances • Incent quality assurance • Build credit management capacity • Enhance relationships with suppliers and subs • Lay groundwork for supply chain management Goal: Create access to the market for emerging firms historically under-represented in this space. • Program preference for underserved and rural firms • Dedicated technical assistance, training, and certification support • CDFI capital enhanced by community partners • Partnerships with existing firms

  7. Outputs

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