CEFIA Residential Financing:
Smart-E Loan, CT Solar Loan,
CT Solar Lease Training Presentation for
Solarize West Hartford Ambassadors
Agenda
▪ Introduction to Homeowner Financing Options
– Smart-E Loan
– CT Solar Loan
– CT Solar Lease
▪ Product Comparison
Solarize
Introduction
to Financing Products
Paying for Solar – Several Great Options!
Smart-E Loan
CT Solar Loan CT Solar Lease
What Makes It Quick and easy Low monthly
financing from payment makes
Special?
Own Your
Solar?
Down
Payment?
Terms
your local bank purchasing solar
affordable
Yes
Yes
Hassle- and
worry-free, no
money down
No (option to
purchase)
Not required
Minimum of 5%
of installed cost
Not required if
installed cost ≤
$4.50/Watt
5 - 12 years
15 years
20 years
Overview of the Financing Information
▪ Pricing Considerations: all data presented in this
presentation are for Tier 5 (250 kW+): $3.48/W, or a total
installed cost of $24,360 (before significant federal and
state incentives, and exclusive of adders) for a 7 kW
system
▪ Purchase pricing submitted by C-TEC Solar, the
contractor for Solarize West Hartford
▪ C-TEC Solar offers turn-key solar energy solutions in the
residential sector
1-888-52-Solar
www.solarizect.com/westhartford
5
Smart-E Loans
Introduction
to Smart-E Loans
What are Smart-E Loans?
▪ Residential loan product for CT homeowners
▪ Low-interest financing with flexible terms
▪ $25k maximum
▪ FICO scores ≥ 680*, Debt to Income ratio ≤ 45%
▪ Easy application through local lenders
▪ 40+ energy improvements, including solar
▪ No money down, no prepayment penalty
▪ Eligible Smart-E Lenders are Nutmeg Federal
Credit Union, Thomaston Savings Bank, Liberty
Savings Bank, and Union Savings Bank (Union
available mid-October)
* Some participating credit unions and banks will lend to homeowners w/credit scores ≥ 640
Smart-E Loan
Representative Cash Flow
Term Length
Not-to-Exceed Rate
Down Payment Required
Loan Amount (7 kW @ $3.48/W)
Federal Investment Tax Credit (ITC) Value
Est. Monthly Payment
Est. Net Cost (1st Month)
12-year
6.99%
$0
$15,834
$4,750
($163)
($70)
Smart-E 12 Year Loan:
Annual Cash Flows
$5,000
$4,000
(savings)
$3,000
$2,000
Value of ITC essentially covers net
payments due over 12 year term
$1,000
$0
$1,000
(25 years)
$2,000
Marketing the Smart-E Loan
▪ Quick, easy, flexible (can finance EE, too, and up
to 20% non-energy measures… like roof repair)
▪ Local lender, high touch
▪ Video online here: www.energizect.com/smarte
▪ CEFIA calculator tool to determine best term/rate
for each customer
Smart-E Interest Rate Promotion
▪ For Smart-E Loans, CEFIA is offering a
promotional six-month, 0% interest deal for all
customers who finance systems using this
product
– Offer good until December 31, 2013
▪ For this 7 kW system priced at $3.48/W, this deal
is equivalent to a discount of about $505
CT Solar Loan
Introduction
to the CT Solar Loan
CT Solar Loan
▪ The CT Solar Loan is a residential loan
product specifically designed for solar,
serving homeowners with FICO scores ≥
680 and Debt to Income (DTI) Ratio ≤
45%* with the lowest monthly payments
on the road to solar ownership and the
greatest long-term return on investment
*FICOs ≥ 720 no DTI limit
13
Overview of Solar Loan
Loan Terms
Terms and Conditions
Interest Rate
6.49% per year (assuming pre-payment using ITC
proceeds within first 18 months)
Term
15 years
Down payment
Minimum down payment of 5% of gross system costs
FICO Score
≥ 680
Re-amortization
Yes, allowed once within first 18 months
Assignability
Yes, so long as new homeowner meets credit criteria
of CT Solar Loan
Note: Depending on loan-to-value ratio, borrower may be required to make pre-payment on loan within first 18 months using federal
tax credit proceeds to maintain 6.49% interest rate
14
CT Solar Loan Representative Cash Flow
Term Length
15-year
Interest Rate (assuming pre-payment using ITC proceeds)
6.49%
Down Payment Required
$1,218
Loan Amount (7 kW @ $3.48/W)
$14,616
Federal Investment Tax Credit (ITC) Value
$4,750
Est. Monthly Payment (1st Month)
($127)
Est. Net Cost (1st Month)
($34)
Est. Monthly Payment (at time of re-amortization)
($83)
Est. Net Cost (at time of re-amortization)
Note #1: assumes no dealer fee
$15
CT Solar Loan: Annual Cash Flows
(savings)
$2,500
$2,000
$1,500
$1,000
$500
$0
$500
$1,000
$1,500
$2,000
Cash flow positive by year 3 due to lower monthly
payments and re-amortization of loan using ITC
(25 years)
Marketing the CT Solar Loan
Sungage Physical and On-line Assets
Physical collateral
Social Media
Sungage.net
Solar-Wealth.com
Earned media
Solar Wealth™ Calculator
Solar Wealth Calculator – free, educational, & social
▪ The Solar Wealth calculator is a free educational tool, available to all residents
of Solarize communities, that helps homeowners answer the question:
Does solar make good financial sense for me?
▪ The Solar Wealth calculator is
personalized for an individual
home
▪ Links that can be shared (email,
Facebook, etc) to help make solar
social in your communities
▪ Encourage your residents to ask
the selected installer for their free
Solar Wealth assessment!
18
CT Solar Lease
Introduction
to the CT Solar Lease
Overview of CT Solar Lease
(Residential PV)
▪ Competitive solar lease program structure:
– 20-year lease for homeowners with credit
scores ≥ 640 and DTI ≤ 45%
– Escalating payments (2.99% per year) or fixed
lease available for higher monthly price
– No money down*
– Lease payments can be "bought down" or
"pre-paid"
* If total system cost ≤ $4.50/W
20
Overview of the CT Solar Lease
▪ Additional benefit to homeowners:
– Bundled insurance and warranty
management from Assurant
 One-call resolution for all issues
 Property and casualty coverage
 Multi-Year Warranty Management Program
21
Escalating CT Solar Lease
Representative Cash Flow
Term Length
20-year
Not-to-Exceed Rate
N/A
Down Payment Required
$0
Est. Monthly Payment (1st Month)
($78)
Est. Monthly Savings (1st Month)
$15
Month of First Positive Cash Flow Immediate
Note: assumes 7 kW system installed at $3.87/W inclusive of $0.39/W for extended warranty
CT Solar Lease: Annual Cash Flow
$200
(savings)
Immediately cash flow positive
$150
$100
$50
$0
(20 years)
Marketing the CT Solar Lease
▪ The “Pitch” for CT Solar Lease
– Go Solar for no money down*
– Save on your electric bill from day one
 And lock in predictable bills for years to come
– Peace of mind through the life of your lease
 Insurance and warranty coverage bundled in, just one # to call
– The affordable way to go solar
With the CT Solar Lease it’s never been easier to go solar!
* No down payment required if total system cost ≤ $4.50/W
CT Solar Lease Promotion
Coming any moment…
▪ For CT Solar Lease, CEFIA is offering 1st 3
months lease payments free for all customers
who finance systems using this product
– Offer good through December 31, 2013
▪ For a 7 kW system priced at $3.40/W (plus
$0.10/W adder), this deal is equivalent to a
discount of about $216 to the homeowner
Solarize
Wrap Up
for Financing Products
Comparison of Financing Options
(for a 7kW system installed
at $3.48/W)
Smart-E Loan (12yr)
CT Solar Loan
CT Solar Lease
6.99%
6.49%
N/A
$0
$1,218
$0
Loan Amount
$15,834
$14,616
N/A
Term (years)
12
15
20
($163)
($127)
[$83]
($78)
($70)
($34)
[$15]
$15
$9,795
$10,536
$4,385
Assignable
No
 Yes
 Yes
Re-amortization
No
 Yes
N/A
No
 Yes
 Yes
No
No
 Yes
Not-to-Exceed Rate
Down Payment Required
Est. 1st Month Payment
[after re-amortization]
Est. 1st Month Net Cost
[after re-amortization]
Present Value of Est. Savings
System performance
guarantee
Insurance and warranty
bundle + lifetime O&M
Note: for lease, assumes an extra $0.39/W for extended inverter warranty
Questions / Comments