Smart-E Disbursement Schedule by Project type

Post Date: January 3, 2024

Geothermal Project

  • Initial 1/3 payment – loan closing
    • Homeowner signs loan documents – once the loan is funded, 1/3 of loan amount is distributed to the contractor
  • Second 1/3 payment – Permit (either drilling or mechanical)
    • Once the Smart-E team receives this document from the contractor, the Smart-E team will instruct the lender to distribute an additional 1/3 payment to the contractor from the loan amount
    • A comment will be made in the discussion tab to notify lenders when to release this disbursement
    • NOTE: PLEASE MAKE SURE EMPLOYEES RESPONSIBLE FOR FUNDING LOANS ARE RECEIVING DISCUSSION NOTIFICATIONS
  • Final 1/3 payment – Certificate of Completion & mechanical permit
    • Lenders will distribute the final 1/3 payment to contractors when project is completed
    • This is no change to the disbursement schedule/process with the exception of sending 1/3 rather than 2/3 of the loan amount to the contractor as final payment

Solar PV Project

  • Initial 1/3 payment – loan closing ***project submitted with RRES application***
    • Homeowner signs loan documents – once the loan is funded, 1/3 of loan amount is distributed to the contractor
  • Second 1/3 payment – RRES approval letter
    • Once the Smart-E team receives this document from the contractor, the Smart-E team will instruct the lender to distribute an additional 1/3 payment to the contractor from the loan amount
    • A comment will be made in the discussion tab to notify lenders when to release this disbursement
    • NOTE: PLEASE MAKE SURE EMPLOYEES RESPONSIBLE FOR FUNDING LOANS ARE RECEIVING DISCUSSION NOTIFICATIONS
  • Final 1/3 payment – Certificate of Completion signed and PTO
    • Lenders will distribute the final 1/3 payment to contractors when project is completed and energized
    • This is no change to the disbursement schedule/process with the exception of sending 1/3 rather than 2/3 of the loan amount to the contractor as final payment

All other technologies/project types

  • Initial 1/3 payment – loan closing ***project submitted with RRES application***
    • Homeowner signs loan documents – once the loan is funded, 1/3 of loan amount is distributed to the contractor
  • Final 2/3 payment – Certificate of Completion signed and Secondary Completion Document*
    • Lenders will distribute the final 2/3 payment to contractors when project is completed and secondary completion document* is submitted in NGEN

*Secondary Completion Document is based on project category – refer to COC

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