Residential On-Bill Program COVID-19 Assistance: New Loans With Funding in April and May 2020
I have signed a Green Energy Money $aver (“GEM$”) On-Bill Program Participant Agreement as a Participant. My solar system is currently being installed and I anticipate installation to be completed and my loan to be funded before May 31, 2020.
All new loans funded during the months of April and May 2020 shall have the option to defer loan payments for the first six months, as long as all required loan and program documents are executed and received by HGIA. Should you opt-in, these are the benefits that you will receive:
- You will not have a Program Charge on your monthly utility bill for the first six months after the loan funding date. Starting on month 7, your Program Charge will be instated as per your program documents but will likely show up as a prorated amount depending on the start of your utility billing period. From month 8 onward, your Program Charge will appear as the regular monthly amount.
- No interest will be charged or accrued during the concurrent six-month period that you will not have a Program Charge. Starting on month 7, interest charge at the original rate of 5.50% fixed annual rate will resume.
The six-month temporary loan payment deferral is available until May 31, 2020. If we do not receive your executed program documents by May 31, 2020, you will no longer be eligible for opting in.
Here are some FAQ to help:
I want to opt-in, but I am told I need to sign an additional program document. What is it? As part of the terms and conditions of the Green Energy Money $aver On-Bill Program, you granted HGIA a security interest in the Energy Improvement financed via your executed Participant Agreement. Unfortunately, the State’s Land Court system does not accept UCC-1 Financing Statements and instead requires an additional document titled “Purchase Money Mortgage” (“PMM”). Please be assured that this document only grants HGIA a security interest in the equipment we financed, as originally agreed. It is not a mortgage over your real property. Unfortunately, Land Court also requires this document to be notarized. For notary services, we recommend checking with your bank or credit union for availability. There are also mobile notary services available if you are unable to leave your home. We appreciate your cooperation and will be contacting you directly when we receive your request to opt-in for the Program Charge reduction and deferral, to provide you an estimated time frame to receive the PMM document and answer any additional questions you may have.
I don’t want to opt-in to the six-month temporary loan payment deferral. What happens then? If you do not want to defer your loan payments, then no further action is required. There will be no changes to your current Obligation term and payments. You will continue to see your original monthly Program Charge on your utility bill and your Obligation Maturity Date will remain the same.
Can I pay off my loan? If you opt-in to the six-month temporary loan payment deferral, you will not be able to pay off your loan during the six-month deferral period. Should you want to pay off your loan within the next six months, please contact us at [email protected] or 587-3868. If you want to pay off at a later time, you can still do so with no prepayment penalty.
What if I need additional payment assistance beyond the six-month temporary loan payment reduction and deferral period? Please check our website for updates. At this moment we only have approval for the six-month deferral period. Our staff and Board of Directors will continue to monitor the economic impact of COVID-19, and any changes to the Temporary COVID-19 Assistance will be posted on our website.