New Jersey: EFS New Jersey Loan Program
| Loan Features | Current Interest Rates |
| Eligible Measures | How to Apply |
Energy Finance Solutions is offering a loan program to New Jersey homeowners. Homeowners may finance a number of energy efficient improvements for their home.
Loan Features
Key features of an EFS loan:
What if your contractor is not approved?
- Residential owner-occupied single-family and duplex homes
- Unsecured loan (homeowner provides no collateral)
- Borrowers can finance $2,500 - $20,000
- Fixed rate loan terms available: 3, 5, 7 and 10 years
- No fees, points, or closing costs
- No prepayment penalty
- Can finance 100% of installation costs
- Quick approval process - usually 30 minutes or less
- Approved contractors only
Please advise your contractor to visit our Contractor Participation page to find information on how to become approved.
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Current Interest Rates
Credit Score Interest Rate Annual Percentage Rate (APR) 640 - 679 18.75% 18.75% 680 - 719 16.99% 16.99% 720+ 14.49% 14.49% Note: Rates subject to change weekly.
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Eligible Measures
EFS' Energy Loan is designed to promote the installation of high efficiency measures, making your home more energy efficient. Therefore, all measures to be installed must meet minimum efficiency requirements to be eligible for financing.
A) Heating Systems
Any costs associated with the installation of the measures listed below (such as duct work, grills, diffusers, chimney liners, air cleaners, furnace humidifiers, thermostats, and service contracts or warranties) are also eligible for financing.When fuel switching to natural gas, any associated costs (such as gas main extensions, service laterals, and piping, or removal of existing oil tank) are eligible for financing if high efficiency heating system is installed.
When a heating system is replaced, asbestos abatement or electrical service upgrades necessary to install the new heating unit may be financed.
Heating System Type Minimum Efficiency Requirements Furnace: Natural Gas or LP AFUE 90% Furnace: Fuel Oil AFUE 82% Boiler AFUE 80% Ground Source Heat Pump EER of 11.0 at 95°F and 2.0 COP at 35°F
B) Cooling Systems
When a central air conditioner is installed, any electrical work or electrical service upgrade necessary to install the new unit may be financed.The cost of a service contract or warranty also qualifies for financing.
Cooling System Type Minimum Efficiency Requirements Central Air Conditioner 11.0 SEER
C) Water Heating Systems
Any costs associated with the installation of a water heater (such as a chimney liner, electric work, or service contracts or warranties) are eligible for financing.When fuel switching to natural gas, any associated costs (such as gas main extensions, service laterals, and piping) are eligible for financing if a qualifying water heater is installed.
Water Heating System Type Minimum Efficiency Requirements Natural Gas Water Heaters .58 EF Electric Water Heaters .90 EF
D) Building Shell
Any costs associated with the installation of the insulation, such as moisture barriers or attic venting, are eligible for financing.Blower door test and major air sealing are eligible for financing.
Building Shell Type Minimum Efficiency Requirements Attic Insulation As near as possible to R-38 Wall Insulation Fill to Capacity Exterior Wall Insulation (under siding) R-5 Sillbox Insulation R-11 to R-19 Basement Wall Insulation R-5 (exterior) or R-11 (interior) Crawl Space Insulation Fill between joist Replacement Windows Low E Glass, Double to triple pane
and Argon gas filled or Thermopane R-4Replacement Exterior Doors Urethane core R-13.5 or Polystyrene core R-7.5 Storm Windows and Doors All Units Roofing Installed according to local requirements Siding Installed according to local requirements
E) Appliances
Service contracts and warranties on the above appliances also qualify for financing.
Appliance Type Minimum Efficiency Requirements Refrigerator All ENERGY STAR® qualified models qualify Dishwasher All ENERGY STAR qualified models qualify Clothes Washer All ENERGY STAR qualified models qualify Room Air Conditioner All ENERGY STAR qualified models qualify
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How to Apply
Before you select one of the four options below please download the document, "6 Easy Steps." 6 Easy Steps is a simple step by step instruction guide designed to assist you through the loan process.
Please note: Any homeowner with a credit history involving a foreclosure, bankruptcy, or repossession in the past 7 years will be ineligible for this loan.
Below are four ways that you can apply for the Energy Efficiency Improvement Loan Program.
At any time throughout the application process you may call 1.888.264.4367 for assistance.
A) Print the application
Click here to download the credit application. Please note the credit application is not a contract for a loan nor does it lock you into any commitment with a contractor. The credit application will allow us to proceed with your request for a loan to finance your improvement(s).B) Request an application packet by mail
You may request an application packet by mail by calling 1.888.264.4367.C) Apply online
If you have an accepted bid from an approved contractor and are ready to submit a full application or you have already been pre-approved and would like to complete the application - you can fill out the credit application online.If you apply online, a loan representative will contact you within a few hours to inform you of the loan decision. You will also be notified by mail.
D) Apply by phone
You may call 1.888.264.4367 to obtain a pre-approval by phone.In order to fully process your loan, you will need to mail or fax the following information in addition to the Credit Application:
- Copy of contractor's bid for the eligible home improvements. (The bid needs to be signed by the contractor and homeowner, list the eligible improvements, and indicate the total cost.)
- If your loan is over $4,000, you may need to provide proof of income. (Recent paystub showing year to date income, or if self-employed, provide a copy of the most recent federal tax returns)
Submit to:
Energy Finance Solutions
431 Charmany Drive
Madison, WI 53719
Fax: 608.249.5788
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