Fall in Love With Savings: NEIF Residential Financing FAQs
With Valentine’s Day on the horizon, maybe you’ve decided to invest in more than your relationship this year. It’s no secret that the holiday brings an expectation to “wow” your loved ones with gestures big and small, and for the 73% of homeowners who reported putting off renovations and other improvement projects, simply initiating an efficiency project at home might just do the trick.
What makes it a stand-out gift? Why are homeowners so hesitant to upgrade?
According to a survey of 1,000 United States homeowners, 79% revealed that they would likely need to address at least one issue in their home within the next six months, such as window repair, plumbing, and HVAC, among others. Of that percentage, more than half (59%) cited their reason for waiting to install – as opposed to upgrading immediately – because they could not currently afford to do so.
The National Energy Improvement Fund (NEIF)’s core mission is to bridge the gap that exists between upgrading efficiency at home (and in businesses and commercial properties, too) and affordability for customers. NEIF focuses on creating, and participating in, innovative programs that offer fixed-rate, low monthly payment options.
How does NEIF financing work? How do I know if I’m eligible for financing? Can any contractor install what I’m looking to have done?
NEIF understands that home upgrades are a big investment. As you consider upgrading and begin exploring what budget works best, you can rest assured that NEIF’s expert team is here to help every step of the way.
Answering Some of NEIF’s FAQs
- Can I work with any contractor?
- NEIF financing is only offered for customers who work with contractors who have been vetted for quality work, financial stability, and overall reputation. To date, NEIF’s network of Approved Contractors consists of nearly 1,700 companies (a number that is growing!) that possess values consistent with the organization’s mission and a strong dedication to customer service.
Use the NEIF-Approved Contractor directory to filter by location, specialty (desired service), program, and more!
- NEIF financing is only offered for customers who work with contractors who have been vetted for quality work, financial stability, and overall reputation. To date, NEIF’s network of Approved Contractors consists of nearly 1,700 companies (a number that is growing!) that possess values consistent with the organization’s mission and a strong dedication to customer service.
- In what states is NEIF licensed as a consumer lender?
- Currently, NEIF offers residential financing options that are available in 30 states. This number is subject to change as NEIF continues to grow and evolve as a company.
- Currently, NEIF offers residential financing options that are available in 30 states. This number is subject to change as NEIF continues to grow and evolve as a company.
- How do NEIF’s financing programs work?
- NEIF utilizes its partnerships with various utilities, green banks, and other energy funds to deploy and combine capital, creating innovative financing programs that make energy installations more affordable to consumers.
Some of NEIF’s residential financing programs are operated under agreements with participating utility partners such as Atlantic City Electric, Rockland Electric Company, Jersey Central Power & Light (JCPL), etc. NEIF also offers the EnergyPlus Loan program, which provides financing of up to $35,000 for homeowners who credit qualify, are installing eligible equipment, and are working with an Approved Contractor.
- NEIF utilizes its partnerships with various utilities, green banks, and other energy funds to deploy and combine capital, creating innovative financing programs that make energy installations more affordable to consumers.
- What kinds of improvements are eligible for financing through the EnergyPlus Loan?
- Heating
- Cooling
- Electrical
- Plumbing
- Insulation
- Roofing
- Windows
- Solar
- & More — click here for a comprehensive improvement breakdown.
- Why finance an energy improvement?
- It comes as a surprise to no one that home improvements can be expensive. And while some of these improvements are planned, other upgrades come out of necessity (needing a new HVAC system, electrical work, etc.). NEIF acknowledges the average homeowner who might not have the budget upfront to install the work they’re looking for, or who are turned off by short-term (promotional) financing with high interest rates.
With NEIF, you can expect full transparency from start to finish — from working with a contractor verified by the nation’s only Certified B Corp and U.S. Department of Energy Home Improvement Expert Partner to fixed-rate, low monthly payments.
What are you waiting for? Give your loved one the gift of efficiency, and fall in love with much more than energy (and monthly) savings this holiday!
SOURCES: B Corporation, Study Finds, Today’s Homeowner
