What are the biggest challenges Nectar clients face in pursuing decarbonization projects?

These days, we see some fear of financial uncertainty and a lack of trust in the energy industry due to aggressive, predatory-like marketing behaviors. That’s also due to divisiveness and misinformation in our current environment, including whether climate change is real and if decarbonization efforts even matter. When you have limited cash flow, you invest carefully in products that are going to last and not cause issues. There needs to be clear and truthful messaging around the impact of decarbonization, from both an economic and environmental perspective. Not only do homeowners need education, but it’s just as important that the contractors and all professionals in the field be well informed and help share the message. We need trust, outreach, and awareness of current offerings in the market, and champions who can relate to clients and share the positive experience of decarbonizing their homes.

What would you say are the key elements of funding residential decarbonization projects? 

We have an active example of a valuable decarbonization lending product: the Energy Saver Home Loan Program (ESHLP), which includes long-term, very low interest rates and flexible underwriting. I do think there’s a need to further subsidize low-income homeowners with old homes that need upgrades and repairs before they can invest in certain decarbonization methods. Massachusetts has the third-oldest housing stock in the country, so structural barriers to decarbonization are more relevant and a unique challenge here than in other parts of the country.

Who does Nectar partner with in the green residential building space? 

Nectar works with local and statewide ecosystem partners that support a residential holistic approach to address the clean energy transition for low- to moderate-income homeowners. 

We have longstanding relationships with MassHousing, the Massachusetts Community Climate Bank and MassCEC to offer affordable home improvement products. Our team at Nectar understands it’s critical to work alongside the municipalities, nonprofits and experts in the field, as they offer technical support and high-touch case management essential to effectively support residents in accessing clean energy upgrades. 

Nectar’s Solar Plus pilot and ESHLP follow variations of an end-to-end service model, where the homeowners and participants work with a single point of contact who helps them navigate the whole process. We believe this level of support is imperative when helping any homeowner, especially if English is not their primary language.

Any initiatives or offerings on the horizon that you think will have a positive impact?

We hope to help further promote the ESHLP program in underserved communities and increase awareness of this unique and affordable program. I’m also looking forward to the launch of the Solar for All programs here in Massachusetts, which will provide an array of affordable solar options for homeowners and renters. 

Interested in learning more about how our residential products can help with your home? Please feel free to contact us.