Best for: Homeowners seeking fixed, low-interest rates with payments added directly to their utility bills.
The Illinois Energy Efficiency Loan Program is designed to encourage high-efficiency upgrades by allowing you to pay for improvements through your monthly utility bill.
- Payment Method:
- Conveniently added as a monthly charge on your gas or electric bill.
- Eligible Properties:
- Owner-occupied or tenant-occupied residential homes (1–4 units), including condominiums and mobile homes.
- Loan Details:
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- Amounts: $500 – $20,000 to fit a variety of project sizes
- Fixed Rate: 7.74% interest (subject to current availability) for predictable, consistent payments
- Terms: Flexible options of 1, 3, or 5 years (7- and 10-year terms available for loans over $8,000)
- No Collateral:
- This is an unsecured loan.
- Benefits Beyond the Project:
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- Energy Savings: Focused on reducing utility bills and energy consumption
- Better Air Quality: Improves indoor air quality and home comfort
- Eco-Friendly: Makes your home more resilient against extreme temperatures
- Eligibility:
- Improvements that meet designated energy-efficiency standards qualify, ensuring lasting comfort and savings.
- Cost-Effective:
- No fees, no points, and no closing costs. 100% of installation costs can be financed.
