Clients
| Financing Terms | Eligibility | Contractor Participation |
EFS can develop and implement a financing program for your organization that best meets your particular needs.
Your organization is not required to guarantee or secure any of the loans. Therefore your organization is not liable for any risk should the homeowner default. EFS provides all up-front capital and charges no fees for services - to the sponsoring organization, the contractor, or the homeowner.
A wide range of energy measures can be included in the financing program:
- Furnaces and Central Air Conditioning
- Heat Pumps
- Water Heaters
- Insulation
- Replacement Windows and Doors
- Siding and Roofing
- ENERGY STAR® qualified appliances
- Lighting and Fans
- Bath and Kitchen Remodeling (when energy measures are also installed)
| Back to Top |
Financing Terms
Homeowners can borrow from $2,500 up to a maximum of $20,000. Loan terms vary from three to ten years. No down payment is required, although the homeowner may provide an initial payment if they wish.
Interest rates are competitive. Rates currently range from 3.99% to 14.25%. Sponsoring utilities may "buy-down" the interest rate to offer a lower rate, or increase the rate to generate income. Rates are revised periodically based on market conditions and can change as frequently as weekly. Once locked in, however, rates remain fixed for the length of the loan.
EFS provides all up-front capital. Loans are unsecured consumer loans, not second mortgages. Prepayment of the loan, either in full or in part, is allowed at any time without penalty. There are no fees or charges for loan application or origination, no points at closing.
| Back to Top |
Eligibility
- The homeowner must occupy the property
- Home must be existing - new construction is ineligible
- Property must be a single family or two-unit residence - investment properties are ineligible.
- EFS credit underwriting guidelines must be met
- Installation must be performed by a participating contractor
| Back to Top |
Contractor Participation
All work financed with an energy loan must be installed by a participating contractor. The benefits to participating contractors are:
- Ability to close more sales by offering customers an attractive financing option for their purchase.
- Payment made directly to the contractor upon completion of work. Payment can be made by direct transfer of funds to contractor's bank account - no two party checks to worry about.
- Once on the Participating Contractor List, the contractor's name is distributed to potential customers who inquire about a utility's financing program.
The requirements for participation are easy for professionals to meet. Contractors must:
- Be in business for at least one year.
- Possess all necessary licenses and permits.
- Carry $1 million in general liability insurance; worker's compensation as required by law.
- Maintain a "Satisfactory" rating or no rating with the Better Business Bureau.
| Back to Top |