Multifamily Sherpa Pre-Development Energy Loan Program

Summary

NOTE: Program is no longer active as of August 2024

The Sherpa Pre-Development Energy Loan offers an affordable, low-risk, one-stop solution to analyze, design and arrange financing for green energy upgrades. Connecticut Green Bank has partnered with New Ecology Inc., an expert multifamily technical services provider and nationally-recognized non-profit, to act as an owner’s representative to help scope, design and arrange financing for energy improvement projects.

Eligibility

The program is open to multifamily housing properties with 5 units or more. Income eligible and market rate properties can participate (Private and non-profit owners, public housing authorities, senior/assisted living communities, condominium/co-op associations, etc.)

Program Description

The Sherpa loan program has three stages: energy baselining/opportunity assessment; energy audit; and design engineering & development. 

Energy baselining/opportunity assessment:  To assess your property’s potential

• An initial energy assessment is performed to identify opportunities for heating, cooling, lighting and other efficiency upgrades, as well as solar feasibility. Receive a report on estimated savings
• Review recommendations, chart a course of action and explore funding options

Out of pocket cost:

• Owner co-pay: $250/building
• Green Bank loan: $1,650/building

Energy audit: To identify improvements and estimate costs and savings

• Receive a detailed list of energy upgrade options and recommendations
• Identify available utility incentives, tax credits and other funding sources
• Calculate cost savings and return on investment

Out of pocket cost:

• Owner co-pay: 25% of audit cost.
• Green Bank loan: 75% of audit cost. 

Design engineering & development: To design your project

 If you choose to proceed, New Ecology provides customized pre-development services to get your project designed, funded and ready for implementation. Services may include: mechanical engineering design, bid specifications, construction documents, work bidding, environmental testing and securing utility incentives.

Out of pocket cost:

• Owner co-pay: 25% of design development cost.
• Green Bank loan: 75% of design development cost.

Once the project is designed, Connecticut Green Bank can either directly finance or help you arrange finance options to implement your project. Please visit the program website for application.