Energy Impact Low Interest Loans
If you want to lower your utility bills and have a more comfortable home, but can't afford the upfront cost of a furnace or other improvements, Energy Impact Illinois can help. Energy Impact Illinois is partnering with several local banks and credit unions to provide access to energy efficiency loans, which eliminate the upfront cost and allow you to repay over a longer period. The savings on your energy bill will help offset the loan payments. For a limited time, Energy Impact Illinois will pay the first year of interest, with any additional years at 8% interest or lower for qualified borrowers.
Loan Eligibility
The Energy Impact Loan is available for projects that are eligible for the Illinois Home Performance with ENERGY STAR certification, as well as for qualifying HVAC upgrades as listed below (with some exceptions for historic properties). Additionally, up to 10% of loan can be used for related improvements (roof replacement, radon mitigation, mold mitigation, etc.)
Whole Home Projects
Whole home projects must be eligible for earning the Illinois Home Performance with ENERGY STAR certification in order to qualify for the loan. Specific eligible measures include:
- Attic Insulation and air sealing (after rebate is applied, loan can cover remaining costs), any additional insulation recommended by energy assessment
- Duct sealing
- Furnace: ≥to 92% AFUE and any distribution system upgrades required, such as duct work for balancing
- Boiler: ≥to 90% AFUE and any system upgrades required to improve system efficiency.
- Central AC replacement: Energy Star Split Air conditioning unit replacing existing (≥ 14.5 SEER/12 EER) and any distribution system upgrades required
- Hot water heater: ≥0.67EF storage hot water or 90% AFUE
- Steam balancing (includes replacement/repair of existing vents, traps, and valves)
- Boiler Controls
- Programmable thermostats
- ENERGY STAR appliances - provision and installation
- Replacement of existing lighting with CFL/LED/T5 and T8 lighting
- ENERGY STAR windows
HVAC/Single Measure Projects
HVAC projects are eligible if they include a qualifying furnace or boiler upgrade:
- Furnace: ≥92% AFUE and any distribution system upgrades required, such as duct work for balancing
- Boiler: ≥90% AFUE and any system upgrades required to improve system efficiency.
- Central AC replacement: Energy Star Split Air conditioning unit replacing existing (≥14.5 SEER/12 EER) and any distribution system upgrades required
*OPTIONAL with Furnace of Boiler Replacement:
- Hot water heater: ≥ 0.67EF storage hot water or 90% AFUE
- Programmable thermostats: in conjunction with heating unit
- ENERGY STAR appliances - provision and installation
Call 1-855-9-IMPACT (855-946-7228) or contact a specific lender with questions regarding the loan.
Participating Lenders
Charter One is offering qualified homeowners* in the Chicago metropolitan area (Cook, DuPage, Lake, McHenry, Kane and Will counties) who are interested in making energy-related improvements their Energy Efficiency CRA Loan. This unsecured loan option offers a fixed, low interest rate of 3% APR (Annual Percentage Rate) for loan amounts of $1,000 to $3,000 for a 3 year term. This loan also offers no fees or closing costs and borrowers may be eligible to take advantage of their 90-day payment deferral option. If you have a larger home improvement project in mind Charter One also offers the Energy Efficiency CRA Loan up to $10,000 at terms up to 7 years with a fixed rate of 5% APR. Some restrictions may apply with the Energy Efficiency CRA Loan. For more information and to discuss your eligibility, contact your local Charter One branch or read more.
*For Charter One’s product only, applicant must live in a low or moderate income census tract or have income that is less than 80% of the Chicago area median income.
GreenChoice Bank is offering loans to homeowners in the seven county Chicago region and Rockford to cover the cost of installing high efficiency furnaces and completing other home improvements that reduce energy use in the home. Energy efficiency loans from GreenChoice Bank can range from $1000 to $10,000 with a maximum term of 7 years depending on the customer's ability to repay. If you have a larger energy efficiency project, GreenChoice can also offer home equity loans.
Call 773-799-9400 for additional information about the Energy Impact Illinois residential loan program or visit their website - greenchoicebank.com. You can also stop in at one of their three Chicagoland branches.
North Side Community Federal Credit Union is a participating lender in the Energy Impact Illinois residential loan program. North Side is offering loans of up to $6,500 for a maximum term of five years to existing members and new members who meet North Side’s member criteria as well as income and credit requirements. Membership in North Side is open to anyone who lives, works, or worships in the Chicago neighborhoods of Uptown, Edgewater, Lakeview, or Rogers Park. Eligibility for membership can also occur through Select Employer Groups.
North Side Community Federal Credit Union is located at 1011 W. Lawrence in Chicago, Illinois. Contact Jennifer Sierecki at North Side at 773-769-5800 x.227 or ei2@northsidecommunityfcu.org for additional information about the Energy Impact Illinois residential loan program or visit their website: www.northsidecommunityfcu.org/ei2loan.html.
South Side Community Federal Credit Union is offering loans of up from $500 to $4,000 or what borrower can bear for a maximum term of seven years to existing members and new members who meet South Side’s income and credit requirements. Membership is open to anyone who lives, works, or worships in Chicago within the boundaries of 22nd Street on the North to the city limits on the South and from Lake Michigan on the East to Western Avenue on the West.
South Side Community Federal Credit Union is located at 5401 S. Wentworth Avenue, Suite 25, Chicago, IL 60609.
Phone: 773-548-5500 Fax: 773-548-5533 E-mail: admin@southsidecommunityfcu.org
MembersAlliance is offering loans for energy efficiency retrofits to eligible homeowners who live or work in the City of Rockford. These loans have a a maximum term of five years and are available to existing members and new members that meet MembersAlliance income and financial requirements. The minimum loan amount is $500 and the maximum loan amount is subject to the member’s ability to repay. Energy Impact Illinois' special offer paying for the first year of interest is NOT available through Members Alliance.
MembersAlliance Credit Union is located at 2550 S. Alpine Rd. (at Harrison Ave.) and 6951 Olde Creek Road (at Perryville) in Rockford, Illinois. Contact Pat Smith from MembersAlliance at 815-226-3278 for additional information about the Energy Impact Illinois residential loan program or visit their website: membersalliance.org
Finding a Contractor
Energy Impact Illinois connects you with local residential contractors to help you make an impact. All of the companies listed on our site have third party certifications and have been reviewed by Energy Impact Illinois prior to being listed. Participating contractors agree to a rigorous quality assurance program including random checks of completed jobs from Energy Impact Illinois to ensure they perform well. In order to qualify for Energy Impact Illinois rebates or financing, a homeowner must work with a participating contractor.
