Financial Impact = Savings - Costs
Savings = Energy Savings + Tax Credit + Tax Write Offs
Energy Savings: The WRCOG HERO program finances products which consume less energy, consume less water or produce clean renewable energy. Energy savings is based on the product you select and how much you spend on electricity and gas. Please speak to your contractor to estimate how much energy you will save.
Tax Credits: Certain products qualify for tax credits which may reduce your federal and state income taxes. Please speak with your tax advisor to see if you are eligible for any tax credits.
Tax Write Offs: HERO Financing is a property tax assessment and repaid on your property tax bill. Payments may reduce your federal and state income tax. Please speak with your tax advisor to determine if your annual payments will lower your federal and state income taxes.
Costs = Product + Interest + Program Expenses
Product: The cost of the product will be provided to you by your contractor.
Interest: Is based on the term of the financing you select. Note: Your first payment is not due until November 2012. The interest on the HERO Financing from when you receive the money until your first payment will be added to the total amount borrowed, unless you wish to make the payment upfront.
Program Expenses: Include a one-time Administration Fee equal to 6.35% and recording and assessment fees. In addition, an annual assessment administration fee of $25 will be added to cover the cost of managing the assessment on the property tax rolls every year.
A complete listing of HERO Financing costs and terms are listed in the Financing Costs and Terms section of the WRCOG HERO Program website.