Utility On-Bill Financing
Utility On-Bill Financing in Elgin, IL
Borrow $500 to $20,000 at a fixed 7.49% APR through the Illinois Energy Efficiency Loan program, and repay it right on your ComEd or Nicor Gas bill. Rest Assured HVAC is an approved contractor for every utility in the program.
- Fixed 7.49% APR
- $500 to $20,000
- Terms up to 10 years
- No fees or prepayment penalty
- Repaid on your utility bill
How On-Bill Financing Works
ComEd, Nicor Gas and three other Illinois utilities offer Energy Efficiency Loans for qualifying upgrades. Energy Finance Solutions (EFS) processes the loans, the lender pays us directly, and your monthly installment shows up as its own line on your utility bill.
1. Get Your Quote
We confirm the equipment qualifies for your utility’s program and write up the total installed cost.
2. Prequalify Before Work Starts
Apply online at ilenergyloan.com, by mail or by phone. Online applications usually get a decision in moments, or within one business day.
3. We Install
Once you’re approved we schedule the job. The loan can cover 100% of the equipment, installation and related work.
4. Sign Off & Pay on Your Bill
You sign a completion certificate, EFS pays us, and your installment starts on your utility bill within one or two billing cycles.
Loan Terms at a Glance
| Feature | Details |
|---|---|
| Interest rate | 7.49% fixed APR for the life of the loan |
| Loan amount | $500 to $20,000 |
| Terms | 1, 3, 5, 7 or 10 years (7 and 10 years for loans over $8,000) |
| Fees | No application fees, points or closing costs |
| Prepayment | Pay it off any time with no penalty |
| Collateral | None. The loan is unsecured, with no lien on your home |
| Repayment | A separate line item on your ComEd or Nicor Gas bill, due with your regular bill |
| Gas and electric | One application can cover both electric and natural gas upgrades |
Estimated Monthly Payment per $1,000
A quick way to size up a payment: multiply these by the number of thousands you borrow.
| Term | Monthly per $1,000 | Total interest per $1,000 |
|---|---|---|
| 1 year | $86.75 | $41 |
| 3 years | $31.10 | $120 |
| 5 years | $20.03 | $202 |
| 7 years | $15.33 | $288 |
| 10 years | $11.86 | $424 |
What You Can Finance
Equipment has to meet your utility’s efficiency requirements. We confirm the ratings of the exact models on your quote before you apply.
ComEd electric customers
Heat Pumps & Mini-Splits
- Air source heat pumps at 15.2 SEER2, 9.4 EER2 and 8.1 HSPF2 or better
- Ductless mini-splits at 17 SEER2 or better
- Geothermal heat pumps
- Other products that qualify for ComEd’s Home Heating & Cooling offering
Nicor Gas customers
Furnaces & Boilers
- Gas furnaces at 95% AFUE or better
- Gas boilers at 95% AFUE or better
- Air sealing and attic insulation
- Other upgrades that qualify for Nicor Gas rebates, over $500 installed
Central air conditioners aren’t on ComEd’s list. If your AC is on its way out, a heat pump qualifies, cools just as well and heats too. See heat pumps or Amana S-Series dual fuel.
Who Qualifies
- You’re a ComEd and/or Nicor Gas customer
- The home is a single-family house, condo, mobile home or building with up to 4 units. Rentals qualify when the utility account is in the owner’s name
- The borrower is the primary account holder, and every borrower is listed on the utility account
- The account is active, with no disconnection for nonpayment in the past 12 months, no pending disconnection and no deferred payment agreement
- You meet the lender’s credit requirements. ComEd lists a minimum credit score of 640
- You prequalify before buying, and an EFS-approved contractor does the work. Do-it-yourself installs aren’t eligible
Program funds are limited, and the utility checks eligibility again right before the loan is funded.
On-Bill Loan or Our Other Financing?
We also offer financing through OPTIMUS. Here’s how the two compare. See all financing options.
| Utility On-Bill Loan | OPTIMUS Financing | |
|---|---|---|
| Rate | Fixed 7.49% APR | Varies by program and credit |
| What it covers | Qualifying high-efficiency equipment | Repairs and any replacement |
| Homeownership | Required (or owner of the rental account) | Not required |
| Credit | Lender’s requirements (640+ for ComEd) | Options for all credit scores, including lease-to-own |
| How you pay | On your ComEd or Nicor Gas bill | Directly to the finance provider |
| When to apply | Before the work starts | Anytime, in about 2 minutes |
Stack It With Instant Discounts
Utility instant discounts come off your invoice first, so you borrow less. See ComEd instant discounts on heat pumps and mini-splits, and Nicor Gas instant discounts on furnaces and boilers. As a ComEd Heat Pump-Trained Contractor and Nicor Gas Contractor Circle member, we handle the paperwork for both.
St. Charles, Geneva and Batavia run their own electric utilities, so the ComEd loan isn’t available for electric upgrades there. If Nicor Gas is your gas utility, the Nicor loan still applies to gas equipment.
An Approved Contractor for Every Program
Rest Assured HVAC LLC is enrolled with Energy Finance Solutions for all 11 Illinois on-bill loan programs: ComEd, Nicor Gas and Ameren Illinois residential, commercial and multi-family, plus Peoples Gas and North Shore Gas. That means your loan works with us, and we can walk you through it from quote to completion certificate.
Own a small business or a larger rental building? The utilities offer commercial and multi-family on-bill loans too. Call us and we’ll point you to the right one.
On-Bill Financing FAQs
How does on-bill financing work?
Your utility offers a fixed-rate loan for qualifying energy-efficient upgrades. After the work is done, the lender pays your contractor, and you repay the loan in monthly installments that appear as a separate line on your ComEd or Nicor Gas bill.
What is the interest rate?
7.49% fixed APR as of 2026, with no fees, points or closing costs. The rate is locked in when you apply and stays the same for the life of the loan.
Do I have to apply before the work is done?
Yes. You must prequalify before buying the equipment. Get your quote from us, apply at ilenergyloan.com, and we schedule the installation once you’re approved.
How fast will I get a decision?
Online applications usually get a decision within moments. If an application needs a manual review, or you apply on paper, expect a decision within one business day.
What happens if I sell my home or move?
The remaining balance becomes due with your last utility bill at that address. You can pay the loan off early at any time with no penalty.
What if I only pay part of my utility bill?
Partial payments go to your utility service first, and whatever is left goes to your loan installment.
Can I finance a central air conditioner?
Not through ComEd’s program, which covers heat pumps, ductless mini-splits and geothermal. A heat pump qualifies and replaces your AC while adding efficient heat. For an AC-only replacement, our OPTIMUS financing is an option.
Is Rest Assured HVAC the lender?
No. The loans are offered through the utilities and processed by Energy Finance Solutions, which makes all credit decisions. We’re an approved contractor, so we can complete the work and get paid through the program.
Ready to Finance Your Upgrade?
Get a free quote on qualifying equipment, then prequalify for your on-bill loan before we schedule the install.
Apply online at ilenergyloan.com or call Energy Finance Solutions at 877-923-2665. Need a different option? See financing options.
Rest Assured HVAC LLC is not a lender and does not make credit decisions. Illinois Energy Efficiency Loans are offered by ComEd, Nicor Gas, Ameren Illinois, Peoples Gas and North Shore Gas and processed by Energy Finance Solutions. All loans are subject to credit approval and utility eligibility. Rates, terms, eligible equipment and program availability are set by the utilities and lender, are current as of September 2026 and are subject to change. Program funds are limited. Payment estimates are for illustration only.
