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Illinois Utilities
ILOBF Utilties

Energy efficiency investments are a cost-effective means to decrease energy consumption, enhance building comfort, and reduce utility bills. Despite the benefits of energy efficiency investments, high upfront costs can be a significant barrier to investing in home energy improvements. The Illinois Energy Efficiency Loan Program allows utility customers to pay for the investments through a monthly loan charge on their utility bill.


Loan Features

  • Residential owner-occupied and tenant occupied, single-family (1-4 unit) homes, condominiums and mobile homes
  • Unsecured loan (homeowner provides no collateral) 
  • Borrowers can finance $500 - $20,000
  • Fixed rate loan terms: 5.99% interest rate† for 1, 3, 5, 7‡ , and 10‡ years
  • No fees, points, or closing costs
  • No prepayment penalty, can pay in full at any time
  • Can finance 100% of installation costs
  • Quick approval process

† Rates subject to change
‡ The loan amount must be greater than $8,000 to utilize a 7 or 10 year loan term

Borrower(s) must meet and maintain certain utility eligibility standards in order to take advantage of the Illinois Energy Efficiency Loan (“Eligibility Standards”). You must be in compliance with the Eligibility Standards throughout the loan application process, including up to the time at which your installation is complete and your loan is to be closed and paid. The Eligibility Standards, which vary by utility, are as follows:
  • All borrowers must be listed on the utility bill and all parties listed on the utility bill must be borrowers
  • For rental units, utility account must be in name of owner
  • Active utility account that is current
  • Utility account cannot have been cutoff for non-payment in the past 12 months nor have a pending cutoff for non-payment
  • Utility account cannot be under a deferred payment agreement or have a pending deferred payment agreement
  • Utility requirements must be met from application through loan closing when a second and final utility eligibility check will be performed
  • The primary account holder must be the borrower
  • All borrowers must be listed on the utility account
  • For rental units, utility account must be in name of owner
  • Active utility account with no pending cutoff for non-payment
  • Utility requirements must be met from application through loan closing when a second and final utility eligibility check will be performed
  • The primary account holder must be the borrower
  • All borrowers must be listed on the utility bill
  • For rental units, utility account must be in name of owner
  • Active utility account that is not currently cut off for non-payment
  • Utility requirements must be met from application through loan closing when a second and final utility eligibility check will be performed
  • All borrowers must be listed on the utility bill and all parties listed on the utility bill must be borrowers
  • For rental units, utility bill must be in name of owner
  • Active utility account
  • Utility requirements must be met at the time of application
  • All borrowers must be listed on the utility bill and all parties listed on the utility bill must be borrowers
  • For rental units, utility bill must be in name of owner
  • Active utility account
  • Utility requirements must be met at the time of application

Eligible Measures

The Illinois Energy Efficiency Loan Program is designed to encourage the installation of high efficiency measures to increase the energy efficiency of your home. All energy efficiency measures to be installed must meet minimum efficiency requirements to be eligible for financing. To obtain more information about the types of improvements that may be financed by each participating utility, view the utility eligible measure lists by clicking the appropriate link below:
Ameren
  • Furnaces (AFUE ≥ 95%)
  • Air Sealing
  • Attic Insulation (R11 to R49)
  • Bathroom Exhaust Fan
  • R11 Wall Insulation
  • Rim Joist Insulation
  • Crawl Space Insulation
  • Central Air Conditioning (SEER 16 or greater)
  • Air Source Heat Pump (SEER 16 or greater)
  • Natural Gas Boiler (AFUE ≥ 90%)
  • ECM Blower Motor
  • Smart Thermostats
ComEd logo
  • Smart Thermostats
  • Central Air Conditioning (SEER 15 or greater)
  • ECM Blower Motors Retrofit
  • Air Source Heat Pump (SEER 16 or greater)
  • Ductless Mini-Split (SEER 17 or greater)
  • Geothermal Heat Pump
Nicor logo
  • Furnaces (AFUE ≥ 95%)*
  • Boilers (AFUE ≥95%)
  • Prescriptive air sealing and attic insulation (per rebate program requirements)
  • Air sealing and other qualifying recommendations per energy assessment
North Shore Gas logo
  • Furnaces (AFUE ≥ 95%)*
  • Boilers (AFUE ≥95%)
  • Prescriptive air sealing and attic insulation (per rebate program requirements)
  • Air sealing and other qualifying recommendations per energy assessment
Peoples Gas logo
  • Furnaces (AFUE ≥ 95%)*
  • Boilers (AFUE ≥95%)
  • Prescriptive air sealing and attic insulation (per rebate program requirements)
  • Air sealing and other qualifying recommendations per energy assessment

Frequently Asked Questions

Please contact us at efs@energyfinancesolutions.com if you have any questions not answered below.

The interest rate for the loan is 5.99% APR. This rate will be fixed throughout the term of the loan.

You may choose a 1, 3, 5, 7 or 10 year terms. The 7 and 10 year terms are only available to loan amounts in excess of $8,000.

No. Only pre-payment in full is allowed. Overpayments will be credited to your utility service account. If you pay more than the balance on the monthly bill, including the Energy Efficiency Loan charge, any overage will be applied as a general credit on their utility account. Your utility company will apply money to the electric and/or gas service first then the Energy Efficiency Loan Installment Amount.

Funds will be applied to your utility service first and the balance will be applied to your Loan installment. Partial payments can result in loss of utility service. Late fees may apply.

The loan installment will appear on your monthly utility bill under a separate line item. You will remit payment each month to your utility on your regular due date.

Depending on when the funds are disbursed to your contractor, remittance of your loan installments may begin on your next bill or the following. Please allow up to two (2) billing periods for the loan installment charge to appear on your utility bill before contacting your utility.

If you move or transfer title to the property where the work was performed, the full balance of the loan will be due with your last utility bill at that address.

You can visit EFS’s website www.energyfinancesolutions.com/contractorsearch for a list of approved contractors eligible to perform work in your area.

If you apply online, a decision will be provided within moments of submitting your application. If EFS is unable to preapprove your application at that time, your application will be placed in a pending status, and a manual review will be completed within one (1) business day. You will receive notification of the decision by email and through accessing the online portal. If you submit a paper application, EFS will provide a decision within one (1) business day of receipt of the application to the email address listed on the application or by regular mail if no email address is listed.

You must meet certain utility eligibility standards in order to take advantage of the Illinois Energy Efficiency Loan ("Utility Eligibility Standards"). These Utility Eligibility Standards must be met when you apply for the loan and when the loan is to be closed and the contractor is to be paid. These Utility Eligibility Standards vary by utility and may include any combination of the following: my utility account number must be valid; my utility account must be active and current; my utility account cannot be cutoff for non-payment, have a pending cutoff notice, or have been cutoff for non-payment within the last 12 months; my utility account cannot be under a deferred payment agreement or have a pending deferred payment agreement; all utility account holders must be named on the loan; all persons on the loan must be named on the utility bill; the borrower is the primary utility account holder.

Once all conditions of the preapproval are received and accepted, your loan will go through a final review process for final approval. Once approved, you will receive notification by email that the documents are available for signing in the customer portal if you applied online. If you submitted a paper application you will be provided a set of documents by email or regular mail if no email address is provided. Alternatively, the contractor may be able to print a copy of the loan documents and present to you for signature. The work may commence when (i) all fully executed documents are received and accepted by EFS and (ii) the cancellation period has expired. Once the work is completed to your satisfaction, your contractor will ask you to sign a Certificate of Completion. Upon receipt of the signed Certificate of Completion, EFS will complete the second and final check of the Utility Eligibility Standards before funding the loan and remitting funds directly to your contractor. If you fail to meet the Utility Eligibility Standards at that time, your loan will not be closed and funded and your contractor will not be paid from the loan proceeds. You will remain responsible to pay your contractor for the work completed.

Payments for your loan are collected through your utility bill, please contact your utility to determine your payment options.

Owners of residential properties up to four units receiving utility service from a participating gas or electric utility are eligible for the loan. You must be the owner of the building but do not have to reside in the building to make eligible improvements. Eligible residences include single family homes, duplexes, mobile homes, condominiums or 2-4 unit residential buildings.

The primary account holder must apply for the loan, however, if your home is served by Ameren Illinois Company, People’s Gas Light and Coke Co., or North Shore Gas Company, all parties named on the utility account must apply for this loan. Additional borrowers can be added but they must also be listed on the utility bill and own the home. For rental properties, the property owner must apply for the loan and be named on the utility bill.

Contact EFS at 877-923-2665 to request a payoff quote for up to fifteen (15) days in the future. The date the payoff amount is received by your utility is the date that your loan will be considered paid off. Depending on when your loan payoff amount is received, you may still owe additional utility charges as well as any monthly loan payments that were billed to you before the payoff was quoted. Those amounts must also be paid in order to be considered paid in full. If you are mailing your payment, please add extra time to account for mailing in the payment. At the time of the payoff quote you will be provided with a payoff letter that must accompany your payment to the utility.


Contractor Locator

To find an authorized contractor under this loan program access the contractor search feature on our website.


How to Apply

Start your loan application using one of these three options:
view  

Apply online

Complete and submit the online application.
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Print the application

Download and complete the PDF application. Mail your application to EFS at the address found at the bottom of this page.
view  

Call to request the application be mailed to you

You may request to receive an application packet by mail by calling 1.877.923.2665.

Additional documentation will be requested with your application. This documentation may be uploaded to your account file after you apply online. It also can be either mailed or faxed to EFS with your application.

Submit your application by mail or fax to:
Energy Finance Solutions
431 Charmany Drive
Madison, WI 53719
Fax: 1.608.249.5788