Purchasing upgraded energy equipment for your home can be a big decision. Whether it’s a choice made out of necessity — because something broke and you’re now in a pinch — or simply because you’re interested in long-term savings on energy bills, the National Energy Improvement Fund (NEIF) understands that the investment doesn’t always seem like an affordable one. 

In fact, finances remain a major obstacle for American homeowners in installing repairs and other upgrades, one study shows. Out of the 1,000 U.S. homeowners recently surveyed by the Today’s Homeowner research team, 59% reported being currently unable to address their home’s windows, flooring, plumbing, HVAC, and other improvement issues due associated costs. 

Upgrades that improve a home or building’s efficiency, safety, health, and overall comfort should be both affordable and accessible to all, according to NEIF.

NEIF provides financing that empowers home and business owners to make low monthly payments on toward loans that cover a vast array of energy improvements. Additionally, NEIF serves consumers of all income levels, having in 2024 providing nearly half of its loans to low-to-moderate income borrowers.

And while financing can take some of the initial pressure out of big purchasing decisions, it’s also important — for you, the consumer who’s now responsible for making the payments — to choose a repayment strategy that fits your budget.

First, you will want to determine how much money you’re willing and able to put down on the improvement. While NEIF can offer total project financing in some cases, either way – the total dollar amount you choose to finance will play a role in determining your monthly payments.  

To be eligible for NEIF financing, you’ll need to ensure you are working with a contractor in NEIF’s Approved Contractor network. Since Approved Contractors are authorized to participate in NEIF’s financing programs, your contractor will additionally lead some of those initial conversations about payment options and what those can look like based on the amount of financing you’re applying for and the available loan terms of the particular program.

Choosing the best monthly payment option for your loan requires a clear understanding of your financial situation, goals, and loan terms. The best repayment strategy for you will be one that ensures you can effectively manage your loan without straining your finances!

Estimating your monthly costs — and what potential payments might look like — is simple using NEIF’s online payment calculators that are available for most financing programs.

If you were to finance a home improvement through NEIF’s EnergyPlus Loan, for example, you would navigate to the calculator tool on the program page here: www.neifund.org/energyplus-improvement-loan/. Once you enter in the dollar amount you’d like to finance ($10,000, for instance), you can play around with the length of the term (three, five or 10-year options for EnergyPlus) and receive NEIF’s “good, better, best” financing scenarios to weigh the monthly payment.

For a $10,000 improvement financed through the EnergyPlus Loan, the estimated monthly payment would look like the following —

• $336 per month for three years
• $227 per month for five years
• $149 per month for 10 years

From there, NEIF’s Energy Lending team handles the rest! From helping you gather necessary documents to communicating the status of your loan application, our Energy Lending Specialists will guide you through the entirety of the financing process, ensuring you are informed each step of the way.

No matter your budget, you can expect to make fixed monthly payments with NEIF financing. Our loans are designed to be simple, trusted, and transparent — with no lien on your property, no penalties for paying off ahead of time, and no hidden fees.