Cool Comfort Financing Contractor Webinar In collaboration with
Agenda • What is Cool Comfort Financing • Qualifying Upgrades & Eligibility • Financing – Terms, Details & Process • Becoming a Participating Contractor • Quality Control Process • Program Contact Information • Q&A
What is Cool Comfort Financing? Limited time rates as low as Financing available for 2 or 3% APR for qualifying HVAC projects. Air Conditioner Min. 15 SEER & 12 EER Program goals: Furnace Min. 92% AFUE – Streamline HVAC permit compliance Heat Pump Min. 8 HSPF, 15 SEER & 12 EER – Achieve statewide All projects must include duct work to ensure energy efficiency goals HVAC efficiency. Must open and close permits.
Cool Comfort Financing: Benefits Homeowners Contractor Benefits Flexible loan payback options. – Quality installations guaranteed by compliance – Increase your HVAC sales with codes and standards. Local building departments Quick 24-hr loan Identify opportunities to streamline permit – preapproval process processes and increase compliance. Higher likelihood of achieving local climate action Make high efficiency more – planning goals tied to HVAC alterations. affordable for your customers State of California Opportunity to work with building departments to – Participating contractors gain deeper knowledge of permit compliance receive a free marketing barriers and streamline processes. starter kit Increased compliance and higher likelihood of – achieving statewide energy savings goals tied to HVAC alterations.
Cool Comfort Financing: Availability Attached or detached single family homes served by at least one of the following utilities : Southern California Edison, Southern California Gas Company or San Diego Gas and Electric. This includes the following counties: • Los Angeles • Mono • San Diego • Portions of: – Orange • San Bernardino – Kern • Riverside – Tulare • Inyo – King • Imperial
Qualifying HVAC Upgrades Minimum Energy Efficiency HVAC Installation Requirement Central Air Conditioning Unit 15 SEER and 12 EER Central Forced Air Furnace 92% AFUE Heat Pump 8 HSPF, 15 SEER and 12 EER The project must include one of the following duct improvements to ensure HVAC efficiency: Combination of duct sealing and duct insulation sealed to • ≤ 10% leakage and insulated to ≥ R -8 Duct replacement sealed to ≤ 6% leakage with ≥ R -8 • replacement ducts.
Project Eligibility Requirements 1. Projects must be completed by a Cool Comfort Financing Participating Contractor. 2. The property is served by at least one of the following utilities : Southern California Edison, Southern California Gas Company or San Diego Gas and Electric. Properties in the counties of Santa Barbara, Ventura, • and San Luis Obispo are not eligible . 3. The property is a single family home (attached or detached). 4. Home has a central, forced-air HVAC system and is not heated by propane fuel. 5. Ensure compliance with applicable local permitting requirements associated with the financed work.
Financing Terms 4.99% APR 5.99% APR Limited Limited Time: Time : 2% APR 3% APR
Financing Details Financed amount from $2,500 with a maximum of $15,000. APR = Annual Percentage Rate. Stated rates include a 0.50% discount for automatic payments and are based on a certain level of credit worthiness. At stated rates, monthly payments per $1,000 funded are: 5 year term: 2% - $17.53 4.99% - $18.87 • 10 year term: 3% - $9.66 5.99% - $11.10 • Rates are subject to change at any time. Applicant must meet credit and income criteria. Membership required. Equal qualifying opportunity lender. Loan value may equal amount of qualifying scope of work. Rates subject to scope of work review.
Financing Application Process Contractor provides homeowner with the scope of work. SUBMIT the SOW to the program to expedite • review: coolcomfort@thenergynetwork.com Homeowner submits financing application packet to Matadors Credit Union for review: Loan application • Income verification • Scope of work • Matadors Community Credit Union and The Energy Network will review application REQUIREMENT Submit a revised SOW if the approved SOW changes
Financing Application Process Complete the project. Homeowner sends closing documents to Matadors Community Credit Union: Certificate of Completion • Customer Information Release Form • Final invoice • 4 Funds are disbursed.
Contractor Eligibility Path B Path A 1. Hold a current C- 20 license in good 1. Be a participating contractor in good standing. standing with one of the following programs in Southern California 2. Submit current certificate of Edison, SoCalGas or SDG&E territory: insurance that meets Program Energy Upgrade California™ • requirements, meet additional Home Upgrade OR insured endorsement and submit Investor-Owned Utility Quality • additional insure endorsement Installation Program certificates. Home Performance with • ENERGY STAR 3. Sign the Cool Comfort Financing 2. Sign the Cool Comfort Financing Program Contractor Participation Program Contractor Participation Agreement. Agreement
Become a Participating Contractor 1. Submit an interest form online 2. Review the Contractor Manual 3. Submit signed Participation Agreement Submit insurance information if – required. 4. Program administrator will confirm eligibility
Contractor Eligibility Process • After we receive documentation, program administrators will review – Cool Comfort Financing Participation Agreement – Confirm eligibility • We will inform you of approval & online listing within five business days http://action.theenergynetwork.com/ccf – www.energycenter.org/coolcomfort –
Quality Assurance 1. 100% of loan applications are subject to desktop quality assurance review. 2. Review will be based on the initial scope of work submitted. If scope of work is revised, a resubmission for approval is • needed prior to work commencement. 3. Efficiency of the equipment and work performed must be specified on the invoice. i.e. SEER, AFUE, HSPF, EER, R-value, Energy Factor • 4. Work performed should not be visible from the public right-of- way . Please note on the invoice that work is not visible from the public right-of-way.
Quality Control Process California Center for Sustainable Energy (CCSE) will verify permit compliance on a sample* of projects. Upon receipt of approved Scope of Work, CCSE will: 1. Verify permit number is on file at local building department; assess status of compliance (pending final inspection, closed, etc.) If permit number is not found to be registered or closed, CCSE will • issue a written warning to contractor and discuss barriers to compliance and next steps necessary to close permit If contractor unresponsive, CCSE will reach out to homeowner • *All projects receiving promotional rate of 2 or 3% APR will be verified for permit compliance, thereafter, 5% of projects will be verified, selected via random sample.
Quality Control Process cont’d CCSE will conduct field inspections on a sample* of projects: 1. In conjunction with permit compliance verification, CCSE will contact contractor to request CCSE’s attendance at HERS verification and/or Building Inspector final field inspection If scheduling is organized by homeowner, CCSE will work with – homeowner to coordinate attendance at HERS or building inspection 2. At field visit CCSE will verify equipment listed on scope of work and invoice matches unit(s) physically installed, will document with photos 3. If equipment specifications do not match information listed, CCSE will issue a written warning and discuss discrepancy with contractor *Approximately 25% of projects receiving promotional rate of 2 or 3% APR will be selected for field inspection, afterwards, 5% of projects will go through a field inspection, selected via random sample.
Quality Control Process cont’d For a sample of projects not selected for field inspection, CCSE will request CF-1R, CF-2R and CF-3R Title 24 compliance as of 7/1/14, installation and field verification documents from contractor and/or HERS verification rater. ‒ If equipment specifications listed in Title 24 documents do not match scope of work and invoice, CCSE will issue a written warning and discuss discrepancy with contractor. If contractor accumulates three warnings as a result of any QC review process throughout course of program, contractor will be given written notice of termination as a Cool Comfort Financing participating contractor. ‒ Program will remove company from online Cool Comfort Financing Participating Contractor List.
Program Contacts California Center for The Energy Network Sustainable Energy Path B Contractor Enrollment Path A Contractor Enrollment • • Current C- 20 license Energy Upgrade California™ • • Current certificate of insurance Home Upgrade • meeting program requirements Investor-Owned Utility Quality • Loan Application Process Installation Program • OR Scope of Work Review Home Performance with • • ENERGY STAR QC Process • Contact Information Contact Information (877) 785-2237 (858) 244-1177 coolcomfort@theenergynetwork.com Cindy.OGrady@energycenter.org action.theenergynetwork.com/ccf www.energycenter.org/CoolComfort
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