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2•    Analysis with Replacement: An Improvement Analysis that includes the replacement cost of energy-efficient equipment whose useful life is exceeded during the analysis period. The cost of replacing the energy-efficient equipment, escalated at the general inflation rate, is added to the periodic cash flow stream the period following the end of its useful life. 

3•    Appraisal or Appraised Value: An estimate of the value of property, made by a qualified professional called an "appraiser."  

4•    Assessment or Assessed Value: The value placed on real property (a building and its grounds) by the local property tax authority.  

5•    Cost/Assessment: The ratio of the cost (or appraised value) of a building with respect to its assessed value. The cost to assessment ratio is normally less than 1.0 and is defaulted to 0.80 in the financial section of ENERGYGAUGE. This value is used to determine the basis for ad valorem (property) taxes on the property for ENERGYGAUGE financial analysis.  

6•    Cash Flow: Periodic money stream(s) resulting from an economic decision that are expected to continue into the future. For example, rent payments, mortgage payments, taxes, etc. By convention, incoming cash flows (revenues) are positive and outgoing cash flows (payments) are negative. ENERGYGAUGE calculates the cash flow for each individual economic component of the analysis, for each year of the analysis period.  

7•    Cash Flow Schedule: A table of cash flows that includes each of the periodic money streams associated with an economic decision. 

8•    Current Salvage: The salvage value of an existing home measure that will be replaced with a more efficient measure. Typically this value will be zero. However, for example, if an air conditioner is replaced with a more efficient one and the original unit has a useful life and can be sold for $300, then $300 is the Current Salvage value.  

9•    Debt-to-Income Ratio: The ratio, expressed as a percentage, which results when a borrower's total monthly payment obligations on long-term debt are divided by their gross monthly income. This is one of two ratios (housing expense-to-income ratio being the other) used by the mortgage industry to determine if a prospective borrower qualifies (meets the underwriting guidelines) for a specific home mortgage. Fannie Mae, Freddie Mac and FHA underwriting guidelines set an upper limit of 36% on this value for conventional loans but increase ("stretch") the ratio by 2% for qualifying Energy Efficient Mortgages. 

10•  Discount Rate: The interest rate reflecting the time value of money that is used to convert cash flows occurring at different times to a common time (e.g. to convert future values to present values and visa versa). The discount rate represents the opportunity cost of money and is often selected as the after-tax rate of return on an alternative investment or the cost of borrowing money. ENERGYGAUGE uses a real discount rate as opposed to a nominal (or market) discount rate. In general, the nominal discount rate is equivalent to the real discount rate increased by the personal income tax burden plus the general inflation rate. The default value used by ENERGYGAUGE for the discount rate is 5%, real. ENERGYGAUGE uses a default personal income tax rate of 28% and default general inflation rate of 3%, equating to default market discount rate about 10%, nominal.  

11•  ECM (Energy Conservation Measure): An individual building component or product that directly impacts energy use in a building and has a set of differentiable energy performance factors that can be arranged into a table or list. For example, wall insulation is a measure that will impact heat transfer to and from a building, and there is some list of wall measures that are differentiated by insulation R-value that define the possible walls that can be incorporated into a building. ENERGYGAUGE uses ECM tables to define and store the economic data associated with building energy efficiency alternatives. 

12•  ECM Lifetime: The useful lifetime of an energy conservation measure.  

13•  EEM (Energy Efficient Mortgage): Specifically, a home mortgage for which the borrower's qualifying debt-to-income and housing expense-to-income ratios have been increased ("stretched") by 2% because the home meets or exceeds the minimum standards of the Council of American Building Officials (CABO) 1992 version of the Model Energy Code (MEC). This so-called "stretch" mortgage results from provisions of the Cranston-Gonzalez National Affordable Housing Act, and is refined by the U.S. Energy Policy Act (EPAct) of 1992. The EEM is nationally underwritten by Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA). NOTE: This term is often used generically to refer to any home mortgage for which the underwriting guidelines have been relaxed specifically for energy efficiency features, or for which any form of financing incentive is given for energy efficiency. 

14•  EIM (Energy Improvement Mortgage): A home improvement mortgage that is given specifically for energy efficiency improvements to the property.  

15•  ENERGYGAUGE: Florida's computerized tool for energy code compliance and energy rating computations, including combined energy, economic and financial analysis. (Click here to go to a seperate web page dedicated to ENERGYGAUGE.) 

16•  End of Life Salvage: The salvage value of a measure at the end of its useful life. Typically, this value will be $0. For an economic analysis in which the useful life of a measure is not reached at the end of the analysis period, ENERGYGAUGE will calculate a salvage value for the remaining life of the measure using straight-line depreciation. ENERGYGAUGE will include this salvage value in the cash flow schedule and in the savings to investment ratio and internal rate of return calculations. 

17•  Energy Savings Goal: A user-defined level of building energy efficiency which is used by ENERGYGAUGE's automatic optimization feature as the point at which the analysis will cease. 

18•  Fixed Rate Mortgage: A secured loan in which the interest rate has the same value for the life of the loan.  

19•  Fuel Price Inflation Rate: The annual increase in fuel price as a percent of its present value. ENERGYGAUGE uses this value to escalate fuel price in its economic and financial analysis procedures. The ENERGYGAUGE default value is 3%, the same as the default value for the general inflation rate, making the default increase in fuel cost relative to other goods and services equal to zero.  

20•  Future Value (FV): Monies accruing in the future that have not been discounted to account for the fact that they will be worth less in the future than they are today.  

21•  General Inflation Rate: The annual increase in the price of goods and services as a percent of their present price. ENERGYGAUGE uses this value to escalate the cost of maintenance and the cost of ECM replacements in its financial and economic analysis procedures. The ENERGYGAUGE default value for the general inflation rate is 3%. Increases in fuel prices are computed separately using the fuel price escalation rate, which is also defaulted to 3% in ENERGYGAUGE.  

22•  Housing Expense-to-Income Ratio: The ratio, expressed as a percentage, which results when a borrower's total monthly housing expenses (P.I.T.I.) are divided by their gross monthly income. This is one of two ratios (debt-to-income ratio being the other) used by the mortgage industry to determine if a prospective borrower qualifies (meets the underwriting guidelines) for a specific home mortgage. Fannie Mae, Freddie Mac and FHA underwriting guidelines set an upper limit of 28% on this value for conventional loans but increase ("stretch") the ratio by 2% for qualifying Energy Efficient Mortgages. 

23•  Improvement Analysis: A written calculation of the cost-effectiveness of various options to improve the energy efficiency of a building, including an explicit report on the assumed financing rate and lives of the measures used in the calculation and consideration of interactions between energy-saving measures.