New Jersey: Home Performance with ENERGY STAR®
| Loan Features | Current Interest Rates |
| Eligible Measures | How to Apply |
New Jersey Home Performance with ENERGY STAR® is brought to you by the New Jersey Board of Public Utilities, the New Jersey Clean Energy Program, and participating gas and electric utilities. This program offers residents of New Jersey the opportunity to install energy efficient improvements to their homes. All participating contractors are certified and accredited by the Building Performance Institute (BPI). A low-interest loan program is available through Energy Finance Solutions to help New Jersey homeowners install the recommended eligible measures.
NOTICE: Effective July 26, 2010, Energy Finance Solutions has been authorized to resume accepting credit applications for the New Jersey Home Performance with ENERGY STAR loan program. Please visit www.njcleanenergy.com/residential/programs/home-performance-energy-star/home-performance-energy-star-r for more information on customer incentives currently offered through the program.
Loan Features
Key features of an EFS loan:
Only approved Building Performance Institute (BPI) certified contractors are eligible to perform the installation under this program. To get in touch with a participating contractor, please contact the call center at: 1.866.NJSMART.
- Residential owner-occupied single-family and duplex homes
- Unsecured loan (homeowner provides no collateral)
- Borrowers can finance $2,500 - $20,000*
- Fixed rate loan terms available: 3, 5, 7 and 10 years
- No fees, points, or closing costs
- No prepayment penalty
- Can finance 100% of installation costs
- Quick approval process - usually 30 minutes or less
If you have questions about the BPI certification program, contact Sally Larmon at 1.518.899.2727.
*Please see superscript #4, under the Current Interest Rates Table, below.
| Back to Top |
Current Interest Rates
The availability of the interest rates below are subject to the work scope and energy-savings approval by the New Jersey Clean Energy Program (NJCEP). To be eligible for any of the below listed interest rates, work must be performed by a program participating, NJCEP certified contractor.
Installation Requirements Participating Gas Utility? (New Jersey Natural Gas, South Jersey Gas, Elizabethtown Gas, PSE&G non-UEZ)1 Interest rate Installation of eligible measures resulting in energy savings between 5% and 25% Yes 5.99%2 Installation of eligible measures resulting in energy savings of 25% or more3 Yes 0%4 5 1If you are a PSE&G natural gas customer who lives in an Urban Enterprise Zone, please contact PSE&G 800.854.4444 for alternative financing options.
2New Jersey Natural Gas customers with projects that achieve energy savings between 5% and 25% may be eligible for interest rates as low as 0%.
3Projects achieving energy savings of 25% or more may be eligible for additional incentives. Please visit, www.njcleanenergy.com to learn more.
4The maximum loan amount available at the 0% interest rate is $10,000. This is based upon the assumption that the applicant would also be eligible for the 50% rebate available through the New Jersey Clean Energy Program for work achieving 25% or more energy savings. Please visit, www.njcleanenergy.com to learn more.
Click here for a loan calculator to view your monthly payment amount and show your interest cost savings.
| Back to Top |
Eligible Measures
The Home Performance with ENERGY STAR Loan is designed to promote the installation of high efficiency measures, making your home more energy efficient. Therefore, all measures to be installed must meet minimum efficiency requirements to be eligible for financing. The following list provides you with the efficiency requirements of all measures eligible for financing. In addition, any measure type from this list that meets ENERGY STAR standards qualifies for financing.
A) Heating Systems
Important! See additional notes regarding eligible measures and accessories.
Heating System Type Minimum Efficiency Requirements Furnace: Natural Gas or LP AFUE 90% (as long as not prohibited by local codes) Boiler - Hot Water, Natural Gas AFUE 85% Boiler - Steam, Natural Gas AFUE 81.5% Air Source Heat Pump (electric split system) 12 EER/14 SEER/8.5 HSPF Air Source Heat Pump (gas-fired) 1.2 COP (h)/1.25 COP (c) Ground Source Heat Pump 13 EER/2.8 COP Duct Sealing UL 181 B Mastic or other permanent sealant; use of duct tape is disallowed
B) Cooling Systems
When a central air conditioner is installed, any electrical work or electrical service upgrade necessary to install the new unit may be financed.The cost of a service contract or warranty also qualifies for financing.
Important! See additional notes regarding eligible measures and accessories.
Cooling System Type Minimum Efficiency Requirements Central Air Conditioner (splist system) 14 SEER/12 EER Room Air Conditioner ENERGY STAR qualified
C) Water Heating Systems
Important! See additional notes regarding eligible measures and accessories.
Water Heating System Type Minimum Efficiency Requirements Natural Gas Water Heaters .62 EF Electric .78 EF (instantaneous - tankless water heaters) Indirect-fired Tank .85 EF Heat Pump Water heaters EF >2.0
D) Building Shell
Important! See additional notes regarding eligible measures and accessories.
Building Shell Type Minimum Efficiency Requirements Insulation (attic, wall, floor, band joist, basement, crawl space) State or local code and efficiency requirement Air Sealing Conducted by professional with blower door Replacement Windows or Glazing ENERGY STAR® qualified (NFRC rated U-value of .35 or less) for climate/region Storm windows and Storm Doors No minimum efficiency requirement Movable Window Insulation R-3 Exterior Doors R-44
E) Appliances
Service contracts and warranties on the above appliances also qualify for financing.Important! See additional notes regarding eligible measures and accessories.
Appliance Type Minimum Efficiency Requirements Refrigerator, Freezer, Clothes Washer, Dehumidifier (must be combined with at least 1 major measure installed by the contractor such as air sealing, insulation, a heating stem, or water heater.) ENERGY STAR qualified Heat/Energy Recovery Ventilator No minimum efficiency requirement Light Fixtures ENERGY STAR qualified for compact fluorescent, or electronic ballast for fluorescent tubes (in high use location --- more than 2 hours per day) Thermostats ENERGY STAR qualified
F) Other
Service contracts and warranties on the above appliances also qualify for financing.Important! See additional notes regarding eligible measures and accessories.
Appliance Type Minimum Efficiency Requirements Photovoltaic Solar Electric Systems According to CORE Program Guidelines. Not eligible for financing incentives Smoke detectors, radon detectors, carbon monoxide detectors These measures can either be hard wired or battery operated. Ventilation Fans:
Repairs/upgrades to venting systems and power enting kits
Measures to provide sufficient combusion air and prevent combusion
Appliance Zone (CAZ) depressurization, spillage or inadequate draft)ENERGY STAR qualified (must vent to exterior of building shell)
Per code and/or manufacturer specifications as appropriate
Allowed when BPI-required combustion safety test indicate problem(s) with CAZ depressurization, draft or spillage, per BPI standardsGas oven replacements UL listed gas ovens
See additional measures that may be covered.
ADDITIONAL NOTES: regarding eligible measures and accessories.
For further information on these exciting new measures now available for financing give us a call at 1.800.969.9322 ext. 300.
- Any costs associated with the installation of the measures listed below such as are also eligible for financing.(Work such as duct work, grills, diffusers, chimney liners, air cleaners, furnace humidifiers, thermostats, moisture barriers, attic venting, and service contracts or warranties.)
- When fuel switching to natural gas, any associated costs (Such as gas main extensions, service laterals, and piping) are eligible for financing if a new heating system or water heater complying with the relevant Minimum Efficiency Requirement is installed.
- When a heating or cooling system is replaced, asbestos abatement or electrical service upgrade necessary to install the new heating unit may be included.
- Radon and lead abatement work is eligible of financing.
- The cost of removing an oil tank is eligible for financing when done in connection with a heating system replacement.
- Services associated with the above eligible improvements (Energy Rating, blower door test, energy audit, or construction management).
- Repairs to the home due to water damage, molds and mildew, ice dams or other symptoms of poor building performance, are eligible for financing up to a maximum of $2,000 per customer, as long as the causes of building performance-related damage are being addressed. Additional repairs that are critical to achieving energy efficiency may be approved for inclusion in the loan.
| Back to Top |
How to Apply
NOTICE: Effective July 26, 2010, Energy Finance Solutions has been authorized to resume accepting credit applications for the New Jersey Home Performance with ENERGY STAR loan program. Please visit www.njcleanenergy.com/residential/programs/home-performance-energy-star/home-performance-energy-star-r for more information on customer incentives currently offered through the program.
Before you select one of the four options below please download the document, "6 Easy Steps." 6 Easy Steps is a simple step by step instruction guide designed to assist you through the loan process.
Please note: Any homeowner with a credit history involving a foreclosure, bankruptcy, or repossession in the past 7 years will be ineligible for this loan.
Below are four ways that you can apply for the Energy Efficiency Improvement Loan Program.
A) Apply online
Click on the link below to submit an electronic credit application.Online credit application Applying online is the most efficient way for us to process your application. If you apply online, we will respond to you by e-mail if you choose to provide your e-mail address. You will also be notified by mail.
B) Print the application
Click here to download the credit application. Please note the credit application is not a contract for a loan nor does it lock you into any commitment with a contractor. The credit application will allow us to proceed with your request for a loan to finance your improvement(s).C) Phone pre-approval
You may call 1.888.264.4367 to obtain a pre-approval by phone.D) Request an application packet by mail
You may request an application packet by mail by calling 1.888.264.4367.In order to fully process your loan, you will need to mail or fax the following information in addition to the Credit Application:
- Documentation of current income, such as a recent pay stub reflecting year-to-date income. If you are self-employed, please submit a copy of the previous year's Federal Tax Return, including Schedule C.
- Copy of a recent gas and electric bill, showing the service address, and gas and electric usage.
Submit to:
Energy Finance Solutions
431 Charmany Drive
Madison, WI 53719
Fax: 608.249.5788
| Back to Top |
