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Energy Efficiency Loans

General Information and Structure

Lender: 
ComEd
Lending Type: 
Utility
Jurisdiction: 
IL

Energy Efficiency Loans provide special on-bill financing for the purchase and installation of qualified energy-efficiency products and services. Eligible homeowners, owners of residential buildings of 50 units or less and owners of small business buildings may apply. Your loan payment will be billed monthly on your ComEd bill. ComEd is one of five Illinois utilities offering Energy Efficiency Loans, along with Ameren Illinois, Nicor Gas, Peoples Gas, and North Shore Gas. Each utility may have additional energy-efficient products and services that qualify for these loans. In 2018, ComEd is revamping the marketing material used for the program and is planning some targeted outreach efforts for MF buildings, where on bill financing could also be offered to assist property owners in making EE improvements to their buildings.

Active or Closed Program?: 
Inactive
Eligibility Criteria: 
(1) Be a ComEd delivery service customer with an active ComEd account in the building where the energy-efficiency improvement will be installed. (2) Be the owner of the building (residential buildings of 50 units or less) where the energy-efficiency improvement will be installed. (3) The loan underwriting requirements will depend on the loan size
Type of Financing: 
Mini-Permanent/Permanent
Loan Size Range: 
Up to $150,000
Type of Improvements Covered: 
Products in tenant spaces may include: ENERGY STAR® certified LEDs Advanced power strips Programmable thermostats WaterSense® certified showerheads Faucet aerators for bathrooms and kitchens Hot water pipe insulation These energy-saving products may be installed in common area spaces: ENERGY STAR® certified LEDs TLED lighting Exterior and garage LEDs Programmable thermostats LED exit signs Occupancy sensors

Financing Details

When is the Product Applicable?: 
Mid-cycle
Interest Rate: 
5.99% for multifamily loans
Maturity: 
10 years
Security: 
Unsecured

Results/Impact

Impact : 
Not much uptake as of early 2018, but hoping to increase uptake in 2018

Additional Information

Point of Contact: 
Dantawn Nicholson Energy Efficiency Program Manager Three Lincoln Centre | Oakbrook Terrace, IL 60181 p 630.576.7059, m 773.459.3143 [email protected]
Program Notes: 
Loan payment are billed monthly on the borrower's ComEd bill. So while the loan is unsecured, it is an on-bill program with shut-off provision. ComEd is one of five Illinois utilities offering Energy Efficiency Loans, along with Ameren Illinois, Nicor Gas, Peoples Gas, and North Shore Gas.
Link to Additional Information: 
https://www.comed.com/WaysToSave/ToolsResources/Pages/MultiFamilyBuilding.aspx
[email protected]
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