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Smart-E Disbursement Schedule by Project type

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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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