Extending Energy Efficiency Financing To Underserved Households

Lawrence Berkeley National Laboratory just released a new Policy Brief on NYSERDA’s Green Jobs-Green New York Program.  It focuses on their recent effort to extend EE financing to underserved households. Prior to the launch of GJGNY, NYSERDA used Fannie Mae Energy Loans to provide program participants with access to financing to overcome the upfront cost barrier of energy upgrades.  The underwriting standards for this unsecured loan product, including a minimum decision credit score of 640,  made financing inaccessible to many New York households—in recent years, approximately 30 percent of loan applications were rejected.  The new GJGNY financing platform is an effort to reduce this rejection rate by using alternative underwriting criteria to qualify creditworthy households for financing. This program is still in a very early stage, but may be of interest to this group.


Full text attached and available online here:
http://eetd.lbl.gov/EAP/EMP/ee-pubs.html

Views: 58

Tags: financing

Comment

You need to be a member of Home Energy Pros to add comments!

Join Home Energy Pros

Comment by Jill Cliburn on February 2, 2011 at 11:13am
Thanks, Merrian, for a(nother) excellent report. I'd be interested if you and/or readers had any updated assessments of on-bill utility financing-- especially in communities that had previously hoped to use PACE.
Comment by Mark Zimring on January 28, 2011 at 9:21am
NYSERDA announced this week that it is raising the maximum Debt-to-Income (DTI) ratio from 50 to 55%.  This adjustment was made because a significant number of loan applicants were being rejected because their DTI's fell just a few percentage points above 50%.  NYSERDA's move is a good example of how monitoring incoming data in real-time allows programs to rapidly respond to enhance program efficacy.

Home Energy Pros

Home Energy Pros was founded by the developers of Home Energy Saver Pro (sponsored by the U.S. Department of Energy,) and brought to you in partnership with Home Energy magazine.

Latest Activity

peter chang replied to peter chang's discussion Programmable tstat for electric baseboard?
"Yes, in fact I did just that for my kitchen toe-kick heater because the original thermostat was on…"
3 hours ago
Bob Blanchette replied to peter chang's discussion Programmable tstat for electric baseboard?
"Savings depends a LOT on how it's programmed. I've even done a setup with a contactor,…"
10 hours ago
Bob Blanchette replied to Hal Skinner's discussion Any success getting landlords to energy upgrade a single family rental unit?
"Sell utility subsidized services to the tenants. It has to pay back within a year though."
10 hours ago
Tom Mallard replied to Hal Skinner's discussion How much heat energy is lost through the floor of a house?
"Thx, Robert. Being a PNWester where crawl spaces are moist or wet seasonally & some sites never…"
13 hours ago
Hal Skinner added a discussion to the group The RCC Classroom (Radiant Control Coatings)
13 hours ago
Hal Skinner replied to Hal Skinner's discussion How much heat energy is lost through the floor of a house?
"I can only speak for the one I have worked with over t6he years.  We have a certification for…"
13 hours ago
Chad Mcaulife replied to Chad Mcaulife's discussion BPI QCI Cert.
"Thanks for the reponses.  I have a 40 hr class staring 12-8-2014 which should prepare me for…"
14 hours ago
Hal Skinner replied to Hal Skinner's discussion How much heat energy is lost through the floor of a house?
"Hi George, I can see where this could be a HUGE issue in Canada.   We spray our RCC directly…"
15 hours ago

© 2014   Created by Lawrence Berkeley National Laboratory.

Badges  |  Report an Issue  |  Terms of Service