On-Bill Financing

On-Bill Financing

What is on-bill financing?

On-bill financing refers to the loan service available through the City of Nelson for eligible energy efficiency upgrades and will be repaid by the Nelson Hydro customer on their electric bill.

Who can apply for on-bill financing?

Must meet the following criteria:

Nelson Hydro customer who resides in the home within the City of Nelson, and must own the home and land.

How are loans approved?

Loans will be approved on payment history and property verification, no personal income/debt/credit details need to be provided.

How much can I borrow?

Maximum loan amount is $16,000, choice of 5 or 10 year term, 3.5 % fixed interest rate (rate is subject to change)

*A $100 processing fee is applied to the loan each time funds are dispersed to the Participant

What type(s) of retrofits can be financed?

On-bill financing can be used for any energy efficiency retrofits that are eligible for rebates, with the addition of water conservation type toilets. Other items and costs that provide a positive energy or water reduction may be determined by the program coordinator, and may be considered eligible for on-bill financing.

Is it mandatory to apply for on-bill financing as a Participant in the EcoSave program?

No. On-bill financing is optional.

What happens if the house sells before the loan is paid off?

The loan will need to be paid in full upon the sale of the house.

Can the loan be paid in part or whole before the end of the term?

Yes, a loan can be paid off early or a lump sum can be applied at any time without penalty.

Who pays the contractor?

The contractor is to be paid by the Participant.

Can the Participant complete the work?

Yes. Only the material cost may be financed if the Participant is doing the work, not the labour cost.

Can both a contractor and a Participant complete the work?

Yes. The program forms that need to be filled out have specific areas for contractors and/or Participants.

What happens if there is a default on the loan?

The on-bill financing loan will form a component of the Nelson Hydro utility bill and will be subject to the normal utility collection procedures including service disconnects and addition of outstanding amounts to property tax.

Do I have to complete a home energy evaluation in order to apply for on-bill financing?

No. Depending on the date, you can use an energy evaluation that was completed outside of the program; you will need to determine if you can still access the current rebate program. Home energy evaluations are encouraged for a number of reasons; however, in some cases approval is granted without one.

How do I apply?

You can email Carmen Proctor to request an application.