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1. 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 utility bill. For more information, please contact Carmen Proctor by calling 250-509-2021.

2. Who can apply for on-bill financing?

Must meet the following criteria:

• Nelson Hydro customer
• Owner(s) of the residential home, including the land
• City of Nelson resident

Loans will be approved on payment history and property verification, no personal income/debt/credit details need to be provided. For more information, please contact Carmen Proctor by calling 250-509-2021.

3. What are the loan details?

• Maximum loan amount is $16,000
• Choice of 5 or 10 year term (5 year renewal date)
• 3.5 % fixed interest rate (Interest rate subject to change at the beginning of each year)
• A $100 processing fee is charged each time funds are dispersed to the Participant

For more information, please contact Carmen Proctor by calling 250-509-2021.

4. 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 EcoSave coordinator, and may be considered eligible for on-bill financing. For more information, please contact Carmen Proctor by calling 250-509-2021.

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

No. On-bill financing is optional. For more information, please contact Carmen Proctor by calling 250-509-2021.

6. What happens if the house sells before the on-bill financing loan is paid off?

The loan will need to be paid in full upon the sale of the house. For more information, please contact Carmen Proctor by calling 250-509-2021.

7. 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. For more information, please contact Carmen Proctor by calling 250-509-2021.

8. Who pays the contractor?

The contractor is to be paid by the Participant. For more information, please contact Carmen Proctor by calling 250-509-2021.

9. 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. For more information, please contact Carmen Proctor by calling 250-509-2021.

10. 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. For more information, please contact Carmen Proctor by calling 250-509-2021.

11. Can there be more than one contractor?

Yes. It may be necessary to have more than one contractor complete different types of retrofits and at different times. There is a process for receiving progress payments if the work cannot be scheduled in the same time frame. A processing fee of $100 will be applied each time a request for payment is submitted. For more information, please contact Carmen Proctor by calling 250-509-2021.

12. How is the credit approval determined?

It will be based on the payment history of the past 24 months of the Participants Nelson Hydro utility bill, and verification of ownership of the building and the land. For more information, please contact Carmen Proctor by calling 250-509-2021.

13. What happens if there is a default on the loan?

The on-bill financing charge 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. For more information, please contact Carmen Proctor by calling 250-509-2021.

14. Is there a time limit on completing the retrofits in order to qualify for on-bill financing?

Yes, it is encouraged that work be completed within 6 months of applying for the loan. In certain situations, approval may be given after this time frame. For more information, please contact Carmen Proctor by calling 250-509-2021.

15. 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. Contact EcoSave Coordinator for approval. For more information, please contact Carmen Proctor by calling 250-509-2021.