Copyright 2012 Shamrock Heating And Air Conditioning, Inc. | All Rights Reserved
What options are available to help finance Home Performance with ENERGY STAR improvements?
Convenient, low-interest financing or cash incentives are available to help pay for home improvements made by participating BPI accredited contractors. There are no application fees or closing costs, and the loans do not require a down payment. The three financing options available are:
0% loan up to $10,000 available through Energy Finance Solutions (EFS). Your project must achieve 20% or higher total energy savings (TES), which will be calculated by your contractor through the program software.
0% mortgage-based loan up to $10,000 available through New Jersey's Housing and Mortgage Finance Agency (HMFA). The Home Energy Savers Program (HESP) loan is made possible through ARRA funds. This loan is available only to customers who are NOT eligible for Home Performance with ENERGY STAR loans or repayment programs. Your project must achieve 20% or higher TES.
0% on-bill repayment plan up to $10,000 available to New Jersey Natural Gas (NJNG) customers. Your project must achieve 10% TES, as determined by your contractor using the program software, to qualify for NJNG's On-bill Repayment Program (OBRP).
How do I apply for the 0% financing?
http://www.energyfinancesolutions.com.
When do I apply for the 0% financing?
* For the EFS 0% loan, it is best to apply for pre-approval before you sign a contract with a contractor. Your pre-approval is only good for 60 days, so don't delay getting a proposal from your contractor to make sure your project is approved before the loan pre-approval expiration date.
* For the 0% HESP loan, you must apply for the EFS loan first. If you are not eligible for the EFS loan, EFS will mail you information about how to apply for the HESP loan.
* For the 0% NJNG OBRP, you will receive an application from your contractor.
If I am approved for the 0% financing, do I have to pay cash up front?
* For the EFS 0% loan, you do not have to pay up front for the financing portion of your project, which could be up to $10,000. You may assign your project's rebate to be paid either to yourself or, if your contractor agrees, to your contractor. However, if the loan and the cash incentive do not cover the total project cost, you will have to pay the contractor the difference.
* For the 0% HESP loan, you do not have to pay up front for either the financing portion or the rebate portion of your project. You must assign your project's rebate to be paid to your contractor.
* For the 0% NJNG OBRP, you do not have to pay up front for the financing portion of your project. You must assign your project's rebate to be paid to NJNG. When your project is complete and has passed field inspection (if required), NJNG will pay you for both the financing and rebate portion of your project. After that, you will need to pay the contractor for the full repayment amount.
Copyright 2012 Shamrock Heating And Air Conditioning, Inc. | All Rights Reserved
