National Energy Improvement Fund Launches Home Energy Improvement Financing Plan in Eight States
May 1, 2019
New Plan Provides Lower Payment True Fixed Rate, Affordable Alternative for Home Heating, Cooling, Windows, Insulation and other Energy Upgrades Installed by Qualified Contractors
ALLENTOWN, Pa., May 1, 2019 /PRNewswire/ — The National Energy Improvement Fund, LLC, (NEIF) www.neifund.org, a licensed lender and national expert in energy efficiency financing, has launched its new NEIF Home Energy Improvement Plan, available to qualifying homeowners, to finance home energy upgrades. These include improvements such as heating and cooling, windows, doors, siding and roofing, air sealing and insulation, electrical and plumbing, geothermal and whole home energy projects. Work must be performed by NEIF-approved contractors who have been vetted for financial stability and ethical business practices. www.neifund.org/become-approved-contractor The NEIF Home Energy Improvement Plan is currently available to homeowners in Connecticut, Delaware, Maryland, New Hampshire, New Jersey, New York, Pennsylvania and West Virginia with other states being added shortly. Separately, Maine homeowners can use Efficiency Maine financing, administered by NEIF.
At the core of the NEIF Home Energy Improvement Plan is “True Fixed Rate” pricing. The NEIF Home Energy Improvement Plan is simple interest, longer term, fixed rate installment financing from $2,500 to $25,000. There is no lien on the borrower’s home, no fees to the borrower and no penalty for pre-payment. Applications are decisioned instantly, the process is paperless, and contractors are paid when work is completed to the customer’s satisfaction. The interest rate and monthly payment are locked in for the full term of the loan, up to ten years, longer than typically available for unsecured loans from traditional lenders. All homeowners who are making qualifying improvements to their primary residence or vacation home are eligible to apply. Good credit and the ability to repay are required. All income levels are eligible.
The NEIF Home Energy Improvement Plan addresses a basic market need. Home energy improvements are expensive, and many homeowners delay the upgrade or install the cheapest, least efficient model possible. Credit cards, short-term promotional financing offered by manufacturers, or cumbersome traditional financing don’t address the needs of many buyers and contractors looking for rapid, in-home credit decisions and longer-term monthly payment affordability for major capital purchases like energy-related home improvements. Many competitive lending options are adjustable rates, even some that appear to be fixed-rate but that can change to a higher rate after a promotional period or under other circumstances.
The NEIF team has been responsible for over $700 million in energy efficiency financing and has been innovators in some of the nation’s most successful energy financing programs including Pennsylvania’s Keystone Home Energy Loan Program, the FannieMae Energy Loan program, many state and utility financing programs and the first-ever securitization of consumer energy efficiency loans. “NEIF’s focus is on helping homeowners increase their homes’ comfort and energy savings by making quality energy improvements, installed by quality contractors, more affordable,” said Peter Krajsa, NEIF Co-Chair and Founder.
NEIF plans to offer enhanced terms on future home energy programs with manufacturers, distributors, utilities, green banks and state governments. NEIF also provides financing for commercial energy improvements through its NEIF Commercial Energy Finance division and advance funding to contractors for rebates through its Rebate Bridge program.
National Energy Improvement Fund, LLC (NEIF), a national leader in energy improvement financing, is a mission-based, public benefit entity focused on promoting energy savings by increasing the affordability of energy efficiency improvements for consumers and businesses. NEIF was founded and is led by energy efficiency finance pioneers Peter Krajsa and Matthew Brown.