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Rhode Island: RISE Energy Loan Program

|    Loan Features   |    Current Interest Rates   |
|    Eligible Measures   |    How to Apply   |

RISE Engineering has partnered with Energy Finance Solutions to offer a low interest loan program for Rhode Island homeowners. The RISE Energy Loan is designed to provide a convenient and affordable way to insure that your home is comfortable and efficient.

Loan Features

Key features of an EFS loan:

  • Residential owner-occupied single-family and duplex homes
  • Applicant's primary heating source must be oil, electricity, propane or wood.
  • 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
  • RISE Engineering must perform installation of all work financed through this program. Please contact RISE Engineering at 401.784.3700 to speak to a contractor.

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Current Interest Rates

Interest Rate Annual Percentage Rate (APR)
8.99% 8.99%

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Eligible Measures

The RISE Energy 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

Heating System Type Minimum Efficiency Requirements
Furnace: Natural Gas or LP AFUE 90%
Furnace: Fuel Oil AFUE 84%
Boiler - Hot Water AFUE 85%
Boiler - Steam AFUE 81%
Air Source Heat Pump (electric) 12 SEER/7.6 HSPF
Air Source Heat Pump (gas-fired) 1.2 COP (h)/1.25 COP (c)
Ground Source Heat Pump EER of 14.1 and 3.3 COP
Wood Stove EPA phase 2
Renewable Energy Systems Installed in accordance with local and
national codes & standards

Additional Notes:
Any costs associated with the installation of the measures listed below (such as duct work, grills, diffusers, chimney liners, air cleaners, furnace humidifiers, thermostats, and service contracts or warranties) are also eligible for financing.

When fuel switching to natural gas, any associated costs (such as gas main extensions, service laterals, and piping, or removal of existing oil tank) are eligible for financing if high efficiency heating system is installed.

When a heating system is replaced, asbestos abatement or electrical service upgrade necessary to install the new heating unit may be financed.

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.

Cooling System Type Minimum Efficiency Requirements
Central Air Conditioner 12.0 SEER
Room Air Conditioner ENERGY STAR qualified
Whole House Fan Positive air-tight damper on fan

C) Water Heating Systems
Any costs associated with the installation of a water heater (such as a chimney liner, electric work, or service contracts or warranties) are eligible for financing.

When fuel switching to natural gas, any associated costs (such as gas main extensions, service laterals, and piping) are eligible for financing if a qualifying water heater is installed.

Water Heating System Type Minimum Efficiency Requirements
Natural Gas Water Heaters .61 EF
Oil Tanks .61 EF
Electric .92 EF
Indirect-Fired Tank UL Approved
Solar Solar Rating Certification Corp. Certified
Wood Per-Heat Installed to National Plumbing Code
Heat Pump Water Heaters EF >2.0

D) Building Shell
Any costs associated with the installation of the insulation, such as moisture barriers or attic venting, are eligible for financing.

Energy rating, blower door test and major air sealing are eligible for financing.

Building Shell Type Minimum Efficiency Requirements
Insulation (attic, wall, floor,
band joist, basement, crawl space)
State code and efficiency requirement
Air Sealing Conducted by professional with blower door
Replacement Windows or Glazing ENERGY STAR (U value .35 or less)
Storm Windows and Doors No minimum efficiency requirement
Movable Window Insulation R-3
Exterior Doors R-4.4

E) Other
Service contracts and warranties on the above appliances also qualify for financing.

Appliance Type Minimum Efficiency Requirements
Heating Recovery Ventilator No minimum efficiency requirement
Ventilation Fans Energy efficient bath fan (<45 watts),
centrally-ducted fan system, or
kitchen range hood
Lighting Fixtures ENERGY STAR compliant for compact fluorescent, or electronic ballast for
fluorescent tubes
Thermostats Must be permanently installed

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How to Apply

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) 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).

B) Request an application packet by mail

You may request an application packet by mail by calling 1.800.600.7066.

C) Apply online

If you have an accepted bid from an approved contractor and are ready to submit a full application or you have already been pre-approved and would like to complete the application - you can fill out the credit application online.

If you apply online, a loan representative will contact you within a few hours to inform you of the loan decision. You will also be notified by mail.

D) Apply by phone

You may call 1.800.600.7066 to obtain a pre-approval by phone.

In order to fully process your loan, you will need to mail or fax the following information in addition to the Credit Application:

  • Copy of contractor's bid for the eligible home improvements. (The bid needs to be signed by the contractor and homeowner, list the eligible improvements, and indicate the total cost.)
  • If your loan is over $4,000, you may need to provide proof of income. (Recent paystub showing year to date income, or if self-employed, provide a copy of the most recent federal tax returns)
Submit to:
Energy Finance Solutions
431 Charmany Drive
Madison, WI 53719
Fax: 608.249.5788

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