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: 55

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

Susan E. Buchan's event was featured

EEBA Excellence in Building Conference at Doubletree Union Station Hotel

September 23, 2014 at 8am to September 25, 2014 at 2pm
11 hours ago
Susan E. Buchan posted an event

EEBA Excellence in Building Conference at Doubletree Union Station Hotel

September 23, 2014 at 8am to September 25, 2014 at 2pm
12 hours ago
Rem Husted replied to Andy Gostisha's discussion Disguising Ductless Heat Pump Units
"I think most consumers wouldn't want a big box called a refrigerator or a stove or…"
12 hours ago
Scott Katznelson replied to Scott Katznelson's discussion Database of zip code or county by climate zone
"You know those maps you can find for energy code climate zone specific reference.  That's…"
13 hours ago
JEFFREY M HUGO, CBO replied to Richard Beyer's discussion Sprinkler Mandate Debated.. What do you think should be done?
"Fire sprinklers operate when the fires are small. Typically it only takes approx 20 gallons per…"
13 hours ago
Scott Katznelson replied to Scott Katznelson's discussion Database of zip code or county by climate zone
"Thanks.  That's the best source I've yet found, and maybe the best that's out…"
13 hours ago
Diane Chojnowski replied to Scott Katznelson's discussion Database of zip code or county by climate zone
"I posted the question on HEP's facebook page and Bill Spohn commented: Try…"
14 hours ago
Profile IconKevin Jordan, Hannah Strong, Rich Snyder and 1 more joined Home Energy Pros
yesterday

© 2014   Created by Lawrence Berkeley National Laboratory.

Badges  |  Report an Issue  |  Terms of Service