Sherpa

Sherpa Pre-Development Energy Loan


Sherpa

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.

Program benefits

  • Quickly identify practical, cost-effective ways to save money on utilities, reduce maintenance costs and make your building(s) more attractive to tenants
  • Remove guesswork and risk by having an experienced team manage the process of identifying energy upgrades
  • Support from experienced energy professionals
  • Identify and secure utility incentives and project financing to implement your project
  • Multifamily properties, 5+ units (affordable and market rate)
  • Energy Baselining/Opportunity Assessment
  • Energy Audit
  • Design Engineering & Financing
Rate Affordable properties: 0%
Market rate properties: 2.99%
Term Due in 24 months or upon
project financing
Loan details No fees, unsecured

1. Apply

2. Opportunity assessment

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

3. Energy audit

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.

4. Design and development

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. Learn more.

  • Prior to the opportunity assessment, you will sign a Technical Assistance Agreement detailing the opportunity assessment copay of $250/building and 25% copays for subsequent pre-development services and repayment obligations for funds advanced by Connecticut Green Bank.
  • If you decide to stop after the opportunity assessment or the energy audit, there is no obligation to repay funds advanced by Connecticut Green Bank.
  • If you proceed through the Sherpa pre-development process for design development financing, you are responsible for repayment of your accrued Green Bank loan.
  • If you secure project financing through Connecticut Green Bank, funds advanced under the Sherpa Loan program may be rolled into project financing.

Connecticut Green Bank offers the Sherpa Pre-Development Energy Loan in partnership with New Ecology Inc., the MacArthur Foundation and the Housing Development Fund.

New Ecology Inc.
MacArthur Foundation
Housing Development Fund