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