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Home Performance Loan Program and Eligibility

SMUD is pleased to offer an unsecured loan subsidized by a loan loss reserve program administered by the California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) for comprehensive Home Performance Program (HPP) projects only. Borrower Eligibility Criteria (list not all inclusive) 1. As an applicant for a SMUD Home Performance Loan, you must be the vested owner of the property where the product(s) are to be installed, although you do not have to reside in the property. Properties vested in a trust will require additional information. 2. To be eligible for financing, the applicant must receive loan approval from SMUD prior to installation of any product(s). 3. Loans are not made to tenants renting or leasing the property. 4. At the time of the loan request, the property address for which financing is being requested must have an active, connected electric account with SMUD. 5. All of your SMUD accounts must have a satisfactory payment record as a prerequisite to qualify for any new SMUD loan. 6. An applicant must be current on all mortgage and property tax payments. 7. SMUD will obtain a consumer credit report from an outside agency to help determine your creditworthiness. Due to the unsecured nature of the Home Performance Loan program there is a minimum Fair Isaac Corporation (FICO) credit risk score requirement. 8. An applicant cannot have any history of prior bankruptcy, foreclosure, and/or credit counseling. 9. SMUD requires verification of income for all loan requests under the Home Performance Loan program. 10. You must select a contractor from SMUDs Participating Contractor Lists. These lists can be found at www.smud.org/rebates, and show which contractors are authorized to install specific product(s). The California Contractors State License Board has additional tips for selecting contractors: (800) 321-2752 or www.cslb.ca.gov. Loan Terms and Conditions For the Home Performance Loan program, SMUD offers financing at a fixed interest rate of 5.50% up to a maximum 10-year term.
Interest rates are subject to change; for current rates refer to www.smud.org/rebates or call (916) 732-5472
SMUD-3426 11/12 Forms Management

S A C R A M E N T O M U N I C I PA L U T I L I T Y D I s T R I C T

The maximum loan amount is the lesser of 10% of the property value or $20,000. In most cases, the maximum loan amount will be determined by an evaluation of the tax assessors property value. However, if an applicant has a property appraisal dated within 6 months of the date of the SMUD Home Performance Loan application an evaluation of it can be used to determine the property value. An applicant would be required to provide a complete copy of the property appraisal for this valuation method to be used. Presently, no loan application fee will be charged for a SMUD Home Performance Loan. SMUDs loans are simple interest, and have no prepayment penalties. SMUD will send a monthly loan bill that is separate from the electric service bill. Upon SMUDs approval, the loan commitment is valid for 60 days. Within this 60-day period, your contractor must install the product(s) and notify SMUD of the completion date. Eligible Equipment/Product A SMUD Home Performance Loan must include multiple eligible energy efficiency measures to be installed resulting in a minimum of 15% energy savings or more. Required measures include attic floor air sealing, attic insulation, duct sealing, and infiltration ventilation. Optional measures include a central airconditioner or heat pump system, floor insulation, high-efficiency windows, solar domestic hot water system, wall insulation, and/or other building envelope improvements. Other Program Conditions The installation must comply with SMUDs Home Performance Program specifications and eligibility guidelines. Both a pre- and post-project energy assessment in accordance with Home Energy Rating System (HERS) Whole House or Building Performance Institute (BPI) Building Analyst requirements is mandatory. SMUD will not finance previously installed products, or products paid for by the customer or financed through another lender. Recommendations SMUD recommends that you get more than one bid.

Home Performance Loan Program and Eligibility


Installation Information In most cases, your contractor will obtain the required City or County permit for you. However, it is your responsibility to ensure that the City or County inspection conditions are met. At SMUDs option, we may conduct a random inspection of completed work. In these cases, there will be no charge to you for our quality assurance inspection. Warranty Conditions Participating contractors agree to provide warranties for materials, equipment, and workmanship in accordance with SMUD program requirements. Please ask your contractor for specific details. SMUD IS NOT RESPONSIBLE FOR REPAIRS OR SERVICE. Who to Contact If you have any questions or comments, please direct your calls to the following numbers: Residential Services 1-888-742-7683 Questions regarding: Program eligibility, contractor issues, installation process, request for a list of participating contractors, warranties, inspections, and general energy efficiency questions. Financial Services (916) 732-5472 Questions regarding: Loan application process, loan or payment terms, fees, and collateral. SMUDs internet address is www.smud.org

SMUD-3426 11/12 Forms Management