CONSUMER LOAN FOR RESIDENTIAL SOLAR PHOTOVOLTAIC SYSTEMS STATE OF HAWAII GEMS FINANCING PROGRAM
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1 CONSUMER LOAN FOR RESIDENTIAL SOLAR PHOTOVOLTAIC SYSTEMS STATE OF HAWAII GEMS FINANCING PROGRAM
2 AGENDA ü GEMS Overview ü Benefits (Why this is a good deal) ü Product Details (What is the deal) ü Financing Process (How do you access the financing) ü Sales Support (How installers can use the GEMS to sell systems) ü Next Steps (How to become an approved installer) ü Contact Information GEMS@EGIA.ORG PAGE 2
3 WHAT IS GEMS? ü Program Developed By State of Hawaii ü Makes Solar Energy Affordable and Accessible For Under-Served Consumers ü $50 Million of Financing Available PAGE 3
4 PARTNERS FOR GEMS RESIDENTIAL LOAN EGIA Contractor Engagement ü Responsibilities: Installer qualification, dispute resolution, installer compliance ü Over 40 years of contractor network management experience ü Manages 20,000+ national contractor network ü Facilitated $1.2 billion in project financing over past 5 years through its GEOSmart Financing Clearinghouse kwh Analytics- Program Evaluation ü Responsibilities: Installer technical evaluation, Post installation system verification ü Founded in 2012 ü Leading solar analytics firm recognized by HI Energy Excelerator program and the US Dept. of Energy Energy Finance Solutions - Loan Originator ü Responsibilities: Loan prequalification, loan docs, loan funding ü 30+ years of energy expertise ü One of the first agencies in the country to originate energy loans through Fannie Mae and Freddie Mac. ü 25,000+ loans and more than $250 million in energy efficiency/renewable energy upgrades funded Concord Servicing Loan Servicer ü Responsibilities: Borrower billing, payment processing, collections ü Founded in 1988 ü Servicing in Excess of 650,000 accounts ü Over $3 Billion in Servicing GEMS@EGIA.ORG PAGE 4
5 SAMPLE ELECTRICITY SAVINGS Old Energy Cost: $0.30/kWh vs. New Energy Cost: $0.14/kWh-$0.17/kWh $/kwh $0.35 $0.30 $0.25 $0.20 $0.15 $0.10 $0.05 $0.00 Old Energy Cost without Solar PV *NEW* Energy Cost with Solar PV GEMS@EGIA.ORG PAGE 5
6 GEMS BENEFITS: FOR CUSTOMERS ü No Money Down 100% Financing ü Long Term 20 year fixed rate solar loan ü Reduce Current Electric Bills ü Own Your Own Solar System ü Competitive Underwriting Guidelines expands access to credit PAGE 6
7 GEMS BENEFITS: FOR THE CONTRACTOR ü 100% Financing for your customers ü Gain a Leg-up on Your Competition ü Increase Your Customer s Satisfaction ü Increase Close Rate provide financing options to more customers GEMS@EGIA.ORG PAGE 7
8 GEMS PRODUCT DETAILS
9 GEMS FINANCE TERMS FICO Score Interest Rate Payment Factor % % % % % ü 100% of cost of PV System (no down payment) ü Maximum loan amount $75,000 ü 20 Year Loan Term ü ü No Prepayment Penalty Security: UCC 1 and fixture filings GEMS@EGIA.ORG PAGE 9
10 QUOTING A PROJECT Ø $24,000 Solar Installation (FICO 700+) Interest Rate = 6.50% Payment Factor = Monthly Payment = $ Ø $35,000 Solar Installation (FICO 649+) Interest Rate = 8.50% Payment Factor = Monthly Payment = $ GEMS@EGIA.ORG PAGE 10
11 ELIGIBLE PROPERTIES ü Subject Property must be single family residence located within the service territories of Hawaiian Electric Company (HECO), Maui Electric Company (MECO) or Hawaii Electric Light Company (HELCO) ü The property must be fee simple. Hawaiian Homelands leases will also be accepted. ü Evidence of property ownership is required PAGE 11
12 ELIGIBLE BORROWER ü All Borrowers must be on the title to the property and / or Hawaiian Homeland leases. ü The electric utility account must be held by at least one borrower. ü Credit approval is based on the lowest credit score of all co-borrowers. GEMS@EGIA.ORG PAGE 12
13 ELIGIBLE PROJECTS PV SYSTEM REQUIREMENTS ü ü ü ü ü ü ü ü ü NEM approval System monitoring equipment w/ data access capability Expected production from system cannot be greater than 100% of site usage based on most recent12-month period. Total cost per watt must meet underwriting guidelines that are consistent with industry standards. PVWatts for production estimation validation Panels & inverters must have 20 year manufacturer s warranty. Workmanship warranty of 10 years. Installer must be GEMs approved (Eligible Installer) Full eligibility requirements: GEMS@EGIA.ORG PAGE 13
14 ELIGIBLE COST OF PV SYSTEM Total Installed PV System cost may include: ü Solar panel materials and labor installation ü Required electrical upgrades ü Permit fees ü Utility NEM fees ü Other hard cost and structural improvements may be assessed PAGE 14
15 ADDITIONAL REQUIREMENTS ü Single funding after completion ü Financing fee to be paid by installer and will be netted at funding ü Financing fee is the greater of $300 or 1% of the Loan Amount. ü 90-day post installation review ü Required system monitoring ü Customer/Installer Complaint Resolution Process PAGE 15
16 GEMS FINANCING PROCESS
17 PROCESS FOR THE CONSUMER Financing Process - Steps 1. Scope of Work 2. Application 3. Pre-Qualification 4. Validation / Qualify Project 5. Approval / Execute Loan Agreements 6. Installation 7. Completion / Verify Improvements 8. Disbursement GEMS@EGIA.ORG PAGE 17
18 WEBSITE: ENERGYFINANCESOLUTIONS.COM PAGE 18
19 1. SCOPE OF WORK ü Customer requests Solar System from Eligible Contractor ü Eligible Contractor prepares scope of work for Solar System that meets Product Eligibility criteria PAGE 19
20 PROCESS OVERVIEW PAGE 20
21 2. APPLYING FOR FINANCING There are two (2) ways to apply for a loan. A. Print the application: Download the credit application on the GEMS Residential Financing Program home page, hosted by EFS. B. Apply by mail or fax: Customer may request an application packet by mail or by calling Submit by mail or fax to: Energy Finance Solutions 431 Charmany Drive Madison, WI Fax: efs@energyfinancesolutions.com GEMS@EGIA.ORG PAGE 21
22 WEBSITE: PAGE 22
23 2. APPLYING FOR FINANCING Borrower s submits the following information: ü Complete Credit Application ü Copy of most recent utility bill ü Copy of lease if property is subject to Hawaiian Homelands lease GEMS@EGIA.ORG PAGE 23
24 3. PRE-QUALIFY ü EFS Reviews application ü Check the following: Consumer Credit Report Consumer Utility Bill Check Eligible Property status. ü EFS issues a loan status Conditional Preapproval - Eligible Borrower and Property Pending Requires additional information Denied Ineligible Borrower and/or Property GEMS@EGIA.ORG PAGE 24
25 4. VALIDATION & QUALIFY PROJECT EFS verifies PV system meets Program Eligibility Requirements. Required documentation from installer: ü Executed Sales Contract ü NEM application approval ü PVWatts system verification ü Eligible Installer signed verification of PVWatts information accuracy All documentation must meet Program Eligibility Requirements PAGE 25
26 5. APPROVAL / EXECUTE LOAN AGREEMENTS ü Customer received final approval from EFS ü Eligible Borrower executes Loan Document ü Eligible Installer receives notice to proceed ü Eligible Installer is responsible for obtaining building permits Note: Eligible Installer must wait for EFS to receive executed loan agreements prior to installation. 6. INSTALLATION GEMS@EGIA.ORG PAGE 26
27 7. COMPLETION / DISBURSEMENT At completion Eligible Installer submits: ü A completion certificate including the following: Final invoice and/or sales contract from Eligible Installer A copy of the closed permit Copy of approved building and electrical permit Solar equipment identification number (perfect PMSI) ü Executed NEM agreement ü Project Verification provided by kwh Analytics ü Conditional/partial lien waiver Disbursement occurs once EFS receives and verifies items above. Payments are made via ACH or check from EFS, in a few as 2 days. GEMS@EGIA.ORG PAGE 27
28 EFS CONTRACTOR PORTAL TRAINING
29 EFS CONTRACTOR PORTAL GEMS Loan Pipeline Report ü Customer Pipeline - Track the status of your projects ü Project Financing Information - Borrower, Loan Information, Key Dates, Property Information, EFS Contact Information ü Loan Comments - Exchange messages with EFS loan specialist ü Loan Conditions - Upload document requirements for closing ü Document library - Approval Letters and loan documents GEMS@EGIA.ORG PAGE 29
30 EFS CONTRACTOR PORTAL - TRAINING Step 1: Watch EFS Contractor Portal Training Webinar Complete Training Materials Located Here: GEMS@EGIA.ORG PAGE 30
31 EFS CONTRACTOR PORTAL - TRAINING Step 2: Review EFS Contractor Portal Use Training Materials. Complete Training Materials Located Here: GEMS@EGIA.ORG PAGE 31
32 EFS CONTRACTOR PORTAL - TRAINING Step 3: Assign an administrator for your company and review materials. Complete Training Materials Located Here: GEMS@EGIA.ORG PAGE 32
33 DATA SUBMISSIONS
34 KWH ANALYTICS DATA SUBMISSION Data Submission required to apply to Program Purpose: Evaluation of applicants to residential program in a technical capacity How: kwh Analytics has been retained to provide this evaluation and will be reviewing system performance and data quality/data completeness factors. What: Data request includes system information and production data for each of 75 previous installations over 1 year old GEMS@EGIA.ORG PAGE 34
35 QUALIFICATION PROCESS Data Submission for loan applications Purpose: System data collection and monitoring validation When: After installation, prior to final loan submission How: If using monitoring other than Enphase or SolarEdge for a GEMS system, please contact us prior to installation! GEMS@EGIA.ORG PAGE 35
36 GEMS SALES SUPPORT
37 YOUR FINANCING PROGRAM HUB PAGE 37
38 MARKETING TOOLKIT PAGE 38
39 GEMS NEXT STEPS FOR GETTING ENROLLED
40 INSTALLER ELIGIBILITY Contractors and solar installers are eligible to become GEMS Approved Installers if they meet the GEMS Program eligibility requirements and are approved by the Program. Once approved, Installers are able to offer their customers special financing options that may benefit their customers. To be eligible, contractors and solar installers must have valid: ü Licensing and Business insurance ü Demonstrated business experience financial stability, ü A good reputation in the marketplace ü Verified trade references and more GEMS@EGIA.ORG PAGE 40
41 QUALIFICATION PROCESS 1. Enroll at 2. $100 Enrollment Fee 3. Complete the following: ü Installer Enrollment Form ü State of Hawaii Business Registration Certificates ü State of Hawaii Contractor License(s) ü Prior Year Tax Return ü Current Financial Statements ü Proof of Workers Compensation Insurance ü Proof of General Liability Insurance ü Completed Trade Reference Form ü Signed W-9 Form ü Signed Installer Participation Agreement ü State of Hawaii Certificate of Vendor Compliance ü kwh Analytics Data Submission ü Sample Sales Contract ü Signed EFS Contractor Portal Use Agreement PAGE 41
42 GEMS CONTACTS
43 CONTACT INFORMATION WECC - EFS Linda Aumann efs@energyfinancesolutions.com EGIA Eric Howarth ehowarth@egia.org kwh Analytics Jason Kaminsky gems@kwhanalytics.com State of Hawaii GEMS@dbedt.hawaii.gov GEMS@EGIA.ORG PAGE 43
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