About EFS
| Background | FAQ |
Energy Finance Solutions (EFS) is a service offered by the Wisconsin Energy Conservation Corporation (WECC). WECC is a private, nonprofit organization offering numerous energy efficiency services to utilities, government regulatory agencies, consumer advocacy groups, and homeowners. WECC has been active in designing and delivering energy efficient programs to residential customers for nearly 30 years.
Background
Through years of experience developing and implementing energy efficiency programs to residential customers, WECC identified that the initial cost of energy efficient products was oftentimes an obstacle to customers wanting to make their homes more energy efficient. WECC recognized the need to develop a financing program to promote energy efficiency measures which would provide affordable monthly loan payments, offset in part by the homeowner's reduced utility cost as their new energy efficient improvements would require less energy to operate.
During this period Fannie Mae was introducing an Energy Improvement Loan that offered homeowners an unsecured financing option for energy efficient improvements made to their residence. In 1996, following a detailed application process, WECC began offering energy efficient loans to homeowners in Wisconsin under the name of Energy Finance Solutions.
In 1997, WECC began to offer the EFS loan program to clients in other states and currently operates programs in 14 states. Since January of 1999, over 10,000 loans have been funded, representing $68 million in energy efficiency improvements.
With recent expansion into several new states over the past year, EFS has grown into one of the nation's premier lenders of Fannie Mae's Energy Improvement Loan Program.
Why has EFS become so successful?
By combining years of lending experience with WECC's knowledge and expertise in the energy efficiency field, EFS is able to provide clients a financing niche that banks and finance companies are unable to offer. In addition to providing financing for residential energy efficiency improvements, EFS offers clients years of experience administering successful financing incentive programs. EFS adapts its programs to meet the needs of its clients, including offering customized data collection and analysis; integrating income qualification and rebate programs with its loan program; and providing interactive web tools that allow clients to analyze program data, monitor progress, and track costs.
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FAQ
Q: When will my first loan payment be due and whom will I pay?
A: Your first payment will be due 30 days from the date of payment to your contractor. Prior to making payment to the contractor, you will need to sign a Completion Certificate/Customer Warranty authorizing payment directly to your contractor. After your contractor is paid, you will receive a "Good Bye" letter from EFS indicating that your loan servicing has been transferred to Viewtech Financial Services. Viewtech will also send you a welcome letter prior to your first payment with a payment invoice offering you an automatic payment option.
Q: Why should I consider ENERGY STAR qualified products when looking for a furnace, air conditioner, appliance or lighting product?
A: The ENERGY STAR label identifies energy efficient products which meet guidelines set by the US Environmental Protection Agency and the US Department of Energy. By choosing products that have earned the ENERGY STAR label, you can reduce energy use with no sacrifice in product features or quality. For more information on ENERGY STAR qualified products, visit: energystar.gov.
Q: If I had taken out a loan last year for a furnace and air conditioning, am I able to take out a new loan for windows and insulation?
A: You would be able to take out a new loan if your combined total will not exceed your program's maximum loan limits and your income is sufficient to support the new payment. You must also be sure that the new items you are looking to install are allowed under your program's eligible measures list.
Q: What are the terms of the loan?
A: You can choose a loan term of 3, 5, 7, and 10 years.
Q: Since only participating contractors are eligible to offer the loan program, where can I find a list of contractors near me?
A: Select the Contractor Search tool in upper right corner of our website. You can search for a contractor by county and type of installer. Or you may call us at 800-583-5869 and we can mail you a list.
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