Energy Efficiency Loans for Homeowners
Financing is available to eligible Nicor Gas customers to cover the cost of energy efficiency equipment and improvements in their homes. Installments on the loan are conveniently applied to your monthly Nicor Gas bills.
General Rates and Terms
- 8.99% fixed interest rate, effective November 1, 2023
- Loans provided prior to November 1 will not be changed
- 1, 3, 5, 7* or 10*-year loan terms
- Loans range from $500 to $20,000
- 100% financing available — covers equipment costs, installation and related services
- No home equity required — new homeowners are eligible
- No fees to consumer or contractor
- Installments will be applied to the customer's monthly Nicor Gas bill
- Work must be completed by an approved contractor
*Note: 7 and 10-year loan terms available for loans more than $8,000.
Approved Contractors
Only contractors enrolled with Energy Finance Solutions (EFS), the program lender, can offer on-bill financing. Self-installations are not eligible. Use our Find a Contractor tool to find an approved contractor.
Eligibility
Nicor Gas customers who:
- Own a single-family home, condo or multi-family building with no more than four units
- Are installing a qualifying improvement in that property (see below for qualifying improvements)
- Meet lender’s credit requirements
Contact EFS, the program lender, at 877.923.2665 with any questions.
Qualifying Equipment and Improvements
Equipment or improvements eligible for rebates or incentives through the Nicor Gas Energy Efficiency Program with a total installed cost of more than $500 are eligible.
Energy Efficiency Loan FAQ
Find the answers to frequently asked questions about existing Energy Efficiency Loans funded by EFS below. Please contact us if you can't find the answer to your question.
What is an Energy Efficiency Loan?
Nicor Gas offers Energy Efficiency Loans to our customers for energy efficiency equipment and improvements for the home. Customers will be able to make their loan payments as part of their monthly Nicor Gas bill. Nicor Gas will collect the regular monthly loan payments until the loan is repaid.
Why are Energy Efficiency Loans only available for high-efficiency upgrades?
Recent legislation, public act 098-0586, allows for financing on energy-efficient equipment eligible for a rebate through the Nicor Gas Energy Efficiency Program. Only equipment listed in our program is eligible for an Energy Efficiency Loan.
Who is eligible for an Energy Efficiency Loan?
You’re eligible if you’re a Nicor Gas customer who:
- Owns a single-family home, condo or multi-family building with no more than two units
- Is installing a qualifying improvement in that property (see below for qualifying improvements)
- Meets lender credit requirements
Is there an application fee to get an Energy Efficiency Loan?
There is no application fee for our Energy Efficiency Loans. Nicor Gas customers interested in financing their energy efficiency improvements are strongly encouraged to apply.
Will this loan appear on my credit report?
Energy Efficiency Loans do not appear on a credit report and Nicor Gas is not a credit reporting entity.
What is the interest rate?
The Energy Efficiency Loans operate with a true fixed interest rate of 6.99% for our residential customers.
What are the minimum and maximum loan amounts?
The minimum amount that can be financed is $500 and the maximum is $20,000, contingent upon approval of the loan. Loan amounts will vary based on the energy-efficient equipment or improvements purchased and installed and the cost of installation. There are 1, 3, 5, 7 and 10-year loan terms. Note: 7 and 10-year loan terms are only available for loans more than $8,000.
Do I have to complete a separate application for my Nicor Gas rebate?
Yes. To receive your rebate, complete an online or paper rebate application available here. Alternatively, you may be eligible to receive an instant discount from your contractor. Your application for financing does not include an application for your rebate.
What equipment or improvements qualify for an Energy Efficiency Loan?
Equipment or improvements eligible for rebates or incentives through the Nicor Gas Energy Efficiency Program with a total installed cost of more than $500 are eligible. The program offers complete financing, which covers 100% of the total cost of equipment, installation and related services, such as labor.
If I am a Nicor Gas customer and a ComEd customer, can I finance my furnace and air conditioner?
Yes, both items can be financed with a single loan application. The lender will provide a breakdown of the payments owed to each utility. Upon repayment, separate payments must be made to each utility.
What happens if I move?
If you move, the entire balance of the loan, plus your last natural gas service bill, will be due with your last bill at that address on the scheduled due date.
