||Local Loan Program
|Eligible Efficiency Technologies:
||Comprehensive Measures/Whole Building
||Commercial, Residential, Multi-Family Residential
|Amount:||Unsecured loan: $3,000-$15,000|
Secured loan: $15,001 - $25,000
|Maximum Incentive:||Unsecured: $15,000|
|Funding Source:||The American Reinvestment and Recovery Act (ARRA) of 2009; State Energy Program|
NOLA Wise is a comprehensive residential and commercial energy efficiency program for existing buildings in New Orleans. Administered by Global Green USA, in partnership with the City of New Orleans, the Department of Energy, and the Southeast Energy Efficiency Alliance, NOLA Wise offers project management services to home owners to improve the efficiency of their properties by 15% or more. Tools provided include access to incentives through Entery's Energy Smart program, obtaining other available credits and rebates, and financing assistance options through Fidelity Homestead Savings Bank's Energy Efficient Loans.
The Energy Efficient Loans are available for qualifying properties located in Orleans Parish. These loans are subject to both credit approval and NOLA Wise program requirements.
As of October 2012, unsecured Energy Efficient Loans are available from $3,000 – $15,000 with 3.75% - 10.385%* APR to qualified applicants. Unsecured loans can be repaid in 1, 3, 5 or 7 year terms. Home equity secured loans are available from $15,001 - $25,000 with 5.24% - 6.288%* APR to qualified applicants. Secured loans can be repaid in 5 or 10 year terms. No down payments is required for either unsecured or secured loans, and an additional 0.25% discount on interest is available if automatic payment is setup with a Fidelity checking account.
*More information on loan requirements, interest rates and repayment terms may be found on the Fidelity Energy Efficient Loan web page.
This program is part of the U.S. Department of Energy's (DOE) Better Buildings Program. The DOE has awarded over $500 million in federal funds to more than 40 states, local governments, and organizations to administer local programs targeting a variety of building types. Combined, these local programs are expected to improve the efficiency of more than 170,000 buildings through 2013 and save up to $65 million in energy costs annually.