Illinois energy efficiency loan program

Once all conditions of the preapproval are received and accepted, your loan will go through a final review process for final approval. Once approved, you will receive notification by email that the documents are available for signing in the customer portal if you applied online. If you submitted a paper application you will be provided a set of documents by email or regular mail if no email address is provided.

Alternatively, the contractor may be able to print a copy of the loan documents and present to you for signature. The work may commence when i all fully executed documents are received and accepted by EFS and ii the cancellation period has expired. Once the work is completed to your satisfaction, your contractor will ask you to sign a Certificate of Completion.

Upon receipt of the signed Certificate of Completion, EFS will complete the second and final check of the Utility Eligibility Standards before funding the loan and remitting funds directly to your contractor.

If you fail to meet the Utility Eligibility Standards at that time, your loan will not be closed and funded and your contractor will not be paid from the loan proceeds. You will remain responsible to pay your contractor for the work completed. Payments for your loan are collected through your utility bill, please contact your utility to determine your payment options.

Owners of residential properties up to four units receiving utility service from a participating gas or electric utility are eligible for the loan. You must be the owner of the building but do not have to reside in the building to make eligible improvements.

Eligible residences include single family homes, duplexes, mobile homes, condominiums or unit residential buildings. Additional borrowers can be added but they must also be listed on the utility bill and own the home.

For rental properties, the property owner must apply for the loan and be named on the utility bill. Contact EFS at to request a payoff quote for up to fifteen 15 days in the future. The date the payoff amount is received by your utility is the date that your loan will be considered paid off. Depending on when your loan payoff amount is received, you may still owe additional utility charges as well as any monthly loan payments that were billed to you before the payoff was quoted.

Those amounts must also be paid in order to be considered paid in full. If you are mailing your payment, please add extra time to account for mailing in the payment.

At the time of the payoff quote you will be provided with a payoff letter that must accompany your payment to the utility. To find an authorized contractor under this loan program access the contractor search feature on our website. Additional documentation will be requested with your application. This documentation may be uploaded to your account file after you apply online.

It also can be either mailed or faxed to EFS with your application. Welcome to the Illinois Energy Loan Program. More Information Apply Now. Ameren Illinois. The following utility energy efficiency programs have incentives specifically for public sector facilities or include public sector facilities in their commercial incentive programs.

Illinois Power Agency. Utility Public Sector Incentives. Utility Commercial Incentives. Learn more about utility energy efficiency incentives and services for commercial facilities. What kind of financial terms can LPO provide? What is the process for obtaining a loan guarantee? How are greenhouse gas emissions calculated? How does LPO treat confidential business information?

How do I apply? What value can LPO bring as a lender to my project? LPO administers three distinct loan programs, but all can provide a similar value to borrowers: Access to Debt Capital: Through Title 17, LPO can provide access to debt capital for large-scale energy projects that use innovative technology.

Projects using technology that has not been deployed at commercial-scale often face difficultly accessing debt from private lenders because the technology does not have a history of commercial operation.

Flexible, Custom Financing: LPO can provide financing that meets the specific needs of individual borrowers. LPO can be the sole lender to a project or can co-lend with or guarantee loans from private lenders. Additionally, LPO has capacity to finance large projects as a sole lender or to fill gaps in financing as part of a group of lenders.

Committed Partnership: Lenders often prefer to engage with a project when the deal is fully formed; however, LPO encourages early engagement during project development. LPO can take the time to dive deep and understand the project and its technology. And after loan closing, LPO remains a valuable partner to borrowers throughout the entire loan term. Specialized Experience: LPO maintains an in-house team of financial, technical, legal, and environmental experts that has expertise with first-of-kind projects and a variety of deal structures.

Employ new or significantly improved technology as compared to commercial technology in service in the United States at the time the guarantee is issued. Avoid, reduce, or sequester anthropogenic emissions of greenhouse gases. Be located in the United States. Foreign ownership or sponsorship of the projects is permissible as long as the project is located in one of the fifty states, the District of Columbia, or a U. Provide a reasonable prospect of repayment.

LPO aims to complete Part I review within 60 days. The cost of reviewing a Part I Application will be included in an origination fee, which will be charged to the applicant only upon financial close of the loan guarantee. Application Part II LPO further evaluates the project for factors such as project risk allocation, creditworthiness, technical relevance and merit, technical approach, work plan, construction plan, and legal, environmental and regulatory factors.

LPO invites eligible applicants into due diligence. The cost of reviewing a Part II Application will be included in an origination fee, which will be charged to the applicant only upon financial close of the loan guarantee. LPO typically engages external advisors e.