What Is the ComEd Energy Efficiency Loan?
There is a bit of a Catch-22 when it comes to inefficient appliances in the home. If you have a washing machine or air conditioning system that doesn't work properly then it means that your bills are going to be really high. Unfortunately, if you have high bills then you might not be able to set aside the money that you need to buy a new appliance. If you could only get the funding for the appliance then you could lower your monthly bills and save even more money but where is that money going to come from? If you're a ComEd customer then there is a loan program in place designed to break this Catch-22 cycle and help you lower your energy bills.
The ComEd Energy Efficiency Loan Program provides small loans for people who are seeking to purchase and install certain appliances in the home. The loan provides the money up front to purchase the energy-efficient item. The repayment of the loan is then worked into subsequent ComEd bills so that you can re-pay it over time on a bill that you're already paying anyway. The repayment is often easy since the bill is lower anyway because of your new appliance. The current interest rate for the loan is a low 4.9% and it is possible to choose repayment options of 3 years, 5 years and even 10 years for the loan.
Let's take a look at how it might work. You open your electric bill and the monthly summer charge is $160. You know that the high cost is because your air conditioner is old and doesn't work right. You get a loan for a new air conditioner system through the Com Ed Energy Efficiency Loan Program. Let's say that you get a $2500 loan to be repaid over the next five years at $48 per month. The new AC unit gets bought and installed. Your energy bill goes down to $100 per month because you now have a new air conditioner. Your $48 loan payment goes on your monthly bill. The monthly payment for the loan will start showing up right on the ComEd bill, and you'll be able to clearly see it because it will be marked €Energy Efficiency Loan€. You're paying slightly less per month than you were before and now you have a working air conditioner. This is just an example; in some cases the amount you pay (even including the new loan) may be considerably lower than what you were paying with an energy-inefficient appliance.
In order to be eligible for this loan program the customer has to be a current customer of ComEd with a credit score of at least 640. The customer must be seeking to replace a refrigerator, clothes washer and/or central air conditioning system. The customer must apply online to pre-qualify for the loan. Once approved, the new item can be purchased and installed. It's a simple process that works for homeowners as well as owners of small residential buildings. People who use the loan usually save money and they also help save the earth with green appliances!
The ComEd Energy Efficiency Loan Program provides small loans for people who are seeking to purchase and install certain appliances in the home. The loan provides the money up front to purchase the energy-efficient item. The repayment of the loan is then worked into subsequent ComEd bills so that you can re-pay it over time on a bill that you're already paying anyway. The repayment is often easy since the bill is lower anyway because of your new appliance. The current interest rate for the loan is a low 4.9% and it is possible to choose repayment options of 3 years, 5 years and even 10 years for the loan.
Let's take a look at how it might work. You open your electric bill and the monthly summer charge is $160. You know that the high cost is because your air conditioner is old and doesn't work right. You get a loan for a new air conditioner system through the Com Ed Energy Efficiency Loan Program. Let's say that you get a $2500 loan to be repaid over the next five years at $48 per month. The new AC unit gets bought and installed. Your energy bill goes down to $100 per month because you now have a new air conditioner. Your $48 loan payment goes on your monthly bill. The monthly payment for the loan will start showing up right on the ComEd bill, and you'll be able to clearly see it because it will be marked €Energy Efficiency Loan€. You're paying slightly less per month than you were before and now you have a working air conditioner. This is just an example; in some cases the amount you pay (even including the new loan) may be considerably lower than what you were paying with an energy-inefficient appliance.
In order to be eligible for this loan program the customer has to be a current customer of ComEd with a credit score of at least 640. The customer must be seeking to replace a refrigerator, clothes washer and/or central air conditioning system. The customer must apply online to pre-qualify for the loan. Once approved, the new item can be purchased and installed. It's a simple process that works for homeowners as well as owners of small residential buildings. People who use the loan usually save money and they also help save the earth with green appliances!
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