Role of the NAVIGATOR
OPPORTUNITIES BY ROLE
Some existing, trusted roles already share information with consumers to improve, maintain, and sustain their housing. Let’s look at a few examples and consider how they could help consumers, communities and resident leaders move toward a more sustainable & resilient world.
Financial Coach
Appliance Purchase Financing Option
Clients working with a financial coach generally have diverse goals that are driven by their own experience. They are almost always trying to save or better utilize money, increase savings, reduce debt or achieve a long-term goal. Like a housing counselor, a financial coach should never steer a client toward a particular decision but rather give them the necessary information to understand and evaluate their options. Still, a financial coach in a Navigator role can help identify potential savings in utility and energy costs.
EXAMPLE
Molly has been working with Terrence, her financial coach and Navigator, to pay down debt for over a year. She’s almost paid off her last credit card when her gas range dies. Now, she needs to secure a loan to buy a new range. Molly finds a gas range she likes for $750 at the local home improvement center. There is also a nice electric induction range for $1,500. Terrence tells Molly about the state’s home energy rebate program, which is available since she is replacing a gas stove. Molly meets the requirements for her state’s program and is eligible for an upfront rebate of $840, reducing the cost of the induction range to $660. On top of that, Terrence recommends Molly look at multiple financing options. The home improvement center offers Molly a two-year loan at 5% interest. Molly is also offered a 2%, two-year loan to cover the cost of the induction stove by Mission Green Funds, a local community development financial institution (CDFI). Molly decides to go with the induction range and the 2% loan. Thanks to Terrence’s assistance, she took advantage of a rebate and secured a very low-interest loan to finance only $660.
| Molly’s Oven Options | Energy Source | ENERGY STAR Rated | Price | Financing |
|---|---|---|---|---|
| Gas Range | Natural Gas or Propane | No | $750 | 5% loan over 2 years |
| (Home Improvement Store) | ||||
| Electric Induction Range | Electric | Yes | $1,500 | Rebate: $840 |
| (Financing from Home Improvement Store using Home Energy and Appliance Rebate Program (HEAR) | 5% loan over 2 years | |||
| Electric Induction Range (Financing from Mission Green Funds Financing using rebate) | Electric | Yes | $1,500 | 2% loan over 2 years |