Multifamily Sherpa Pre-Development Energy Loan Program

NOTE: Program is no longer active as of August 2024The Sherpa Pre-Development Energy Loan offers an affordable, low-risk, one-stop solution to analyze, design and arrange financing for green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.EligibilityThe 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 DescriptionThe 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 potentialAn 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 savingsReview recommendations, chart a course of action and explore funding optionsOut of pocket cost:Owner co-pay: $250/buildingGreen Bank loan: $1,650/buildingEnergy audit: To identify improvements and estimate costs and savingsReceive a detailed list of energy upgrade options and recommendationsIdentify available utility incentives, tax credits and other funding sourcesCalculate cost savings and return on investmentOut 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.