Home Performance Super Saver Loans

The Home Performance Loan program will help electric customers finance energy efficiency improvements that might be suggested for customers participating in the Home Performance with Energy Star program. With this program, you can immediately save money on your utility bills and pay for the improvements with a fixed, low interest rate loan. Please download the  Super Saver Loan application to apply for the program. Please note, you can fill out the form using your computer but you must print it and sign the form.

Eligible Items

Energy efficiency assessment by a certified contractor

Air conditioner

Heat pump

Natural Gas Furnace (with air conditioner or heat pump)

Insulation (attic, walls, floor joists, ductwork)

Upgrade electric wiring to install insulation

Air sealing

Windows

Doors

Heat pump water heater

Solar water heater

Interest Rates

You can select your terms and interest rate by determining the length of your loan.

Up to 3 years: 1%

4 to 5 years: 3%

6 to 10 years: 5%

The loan program is financed from the enterprise fund of Columbia Water & Light. No general revenue funds of the city, or any other forms of public money, are used by the program.

Loan Parameters

For electric customers with existing residential structures*

Property owner**

Detailed energy efficiency assessment by certified contractor ($250 – $400)

Minimum insulation requirements

Good credit history

DEED of Trust required

Subordination of loan only under special circumstances

No prepayment penalties

Residential: $15,000 maximum loan

*Loans are not available for new construction. A commercial loan program is available for other types of existing buildings.

**Single family homes are eligible. A duplex or a condominium could be eligible if it has 900 square feet of attic space and three major walls exposed to outside conditions.

Building Assessment Requirement

The loans require a detailed building assessment from one of Home Performance contractors Due to the time and equipment needed for the assessment, it can cost $250 to $400. If you qualify for the loan program, you may finance the cost of the assessment with the loan.

Insulation Requirement

To maximize the efficiency of your energy improvements, the Home Performance loan program requires cost-effective insulation levels in key areas.

Attic Insulation: R-38 required

Floor insulation over unconditioned space: R-19 required

Crawl Space Walls OR Floor Above Crawl Space: R-10 required with vapor barrier covering the ground

Duct Insulation: R-13 required in unheated areas

Rim Joist Insulation: R-13 required

Efficiency Improvement Requirements

Heating and Cooling Systems: Allows for replacement of a natural gas, propane or electric furnace — if it is installed along with a new central air conditioner with an efficiency rating of 14 SEER or higher.

Heat Pumps: All financed heat pumps must have minimum efficiency ratings of 14 SEER. Customers installing a high efficiency heat pump can sign up for a reduced electric rate during the months of October through May.

Windows and Doors: If new windows and doors are installed, they must be rated by the National Fenestration Rating Council (NFRC) with a minimum U-value of 0.30 and low E for windows to be eligible for a loan.

Duct Sealing: Financing is available for sealing the supply and return ducts to achieve the lowest leakage rate possible. Requires an additional duct blaster test before and after the sealing is completed.

Building and Envelope Sealing: During the blower door test, the contractor will identify air leaks along the building envelope. If you seal the leaks to achieve the lowest ACH (air changes per hour) possible, the loan program can help finance the project.

Solar Water Heaters: Solar water heaters that provide at least 50% of water heating costs are eligible. Only solar space heating systems that involve active solar heat collectors are eligible for loans. All solar heating projects must be permitted by the Protective Inspection division (plumbing, building and an electrical permit when needed) and have a completed final inspection. Pool solar water heaters are not eligible.

Heat Pump Water Heaters: All financed heat pump water heaters must have a minimum energy factor of two. All water heaters must have a plumbing permit from the Protective Inspection division and a completed final inspection.

Subordination

Home Performance Loans do not subordinate to other loans you have on your property. If you refinance your current home loan or sell your house, you will be required to pay off the loan.

Requesting Subordination: Requesting subordination of your Super Saver Loan generally takes at least two months. If you are refinancing your mortgage for a lower interest rate, shorter loan term, in order to maintain ownership of the home or borrow more money for an improvement project, you could be eligible for subordination. A copy of the customer’s current credit score, the appraisal used for refinancing and a copy of the mortgage application will need to be submitted. A committee that meets before the tenth day of each month will review the subordination requests to determine if a customer is eligible. Please contact us if you have any questions about subordination.

Loan Participation Steps

Assessment

Schedule a Home Performance with Energy Star assessment with a Columbia Water & Light approved contractor.  Download the list of  Home Performance contractors

Complete and submit the Super Saver Loan application (submit two pages). Super Saver Loan application. Please note, you can fill out the form using your computer but you must print it and sign the form.

Once notified of loan approval proceed with the project. Your loan qualification period lasts for six months.

Completion

After completing all the energy efficiency improvements contact your Home Performance with Energy Star contractor and request a post-assessment.

Make copies of all the invoices and call Columbia Water & Light (573-874-7325) to set up an appointment for the final loan verification. At this appointment, the staff member will collect all the copies of the invoices.

Two weeks after the loan inspection, you will be contacted by Columbia Water & Light to arrange an appointment.

Loan Signing

All people listed on the loan form must be present at the loan signing appointment. Columbia Water & Light offices are located at City Hall, 701 E. Broadway, 4th floor.

A photo ID (i.e. driver’s license) is required for each applicant.

A Recorder’s Office fee of $27 (amount is subject to change) will be added to your final loan amount.

You will receive the check for your loan at the end of this appointment.

Monthly statements for your loan will be mailed to you. You can pay by check or electronic funds transfer. Payments for your loan can not be combined with your utility bill payment.

There are no prepayment penalties if you pay the loan off early.

The Environmental Protection Agency sponsors the Home Performance with ENERGY STAR program.
The parameters outlined for the Super Saver Loan program on this page are effective January 1, 2012.

This program is outlined in Columbia Ordinance 27-161