Rate reduction available for up to $50,000 and 7 years of the bank loan
3% rate reduction on a 5-year bank loan (for $25,000)
3% rate reduction on a 7-year bank loan (for over $25,000 to $50,000)
The Energy Conversation for Ohioans (ECO-Link) program offers Ohio homeowners reduced rate financing for energy efficiency and renewable energy home upgrades. Administered by the Ohio Treasury, qualifying homeowners are eligible for a 3% loan rate reduction through participating banks.*
A wide range of energy-efficiency upgrades and certain renewable-energy systems may be undertaken, including:
- Appliances (must meet established efficiency standards)
Battery Chargers, Clothes Washers, De-humidifiers, Dishwashers, Refrigerators, Freezers, Room Air Conditioners, Room Air Cleaners
- Water Heaters (must meet established efficiency standards)
Gas Condensing, Heat Pump, High-Efficiency Gas Storage, Solar Water Heaters, Whole-Home Gas Tankless
- Heating & Cooling
Air-source Heat Pumps, Boilers, Central Air Conditioners, Ceiling Fans, Dehumidifiers, Furnaces, Geothermal Heat Pumps, Biomass Stove
Home Sealing, Roof Products, Windows, Doors, and Skylights
- Renewable Energy Systems
Photovoltaic (PV) Systems, Residential Wind Turbines (less than 100 kilowatts)
Applicants must be Ohio residents, own a single-family home and receive an approved bank loan that will be used for energy efficiency or renewable energy upgrades. Applicants must receive application approval before beginning projects. To participate, homeowners should contact their bank first for pre-approval. In addition to the ECO-Link application, interested homeowners will need to submit an energy-efficiency audit sheet (Energy Efficient Home Performance Audit Sheet) to the bank as well. The bank will then submit the required paperwork directly to the Ohio Treasury.
After an approved project is completed, the homeowner must provide the bank with a "Certificate of Project Completion" provided by the contractor performing the work and Energy Star Manufacturer Certification Statement (on Energy Star Products), if applicable. Projects must be installed by a certified contractor (see program web site for the list).
As of August 31, 2010, this program has made 65 loans and funded $3.2 million worth of energy efficient improvements.
*Partnership banks are those that are qualified state depository lenders.