ComEd has said it will stop accepting new applications for its On-Bill Financing program around October 15, 2026, and the program closes to new ComEd customers on January 1, 2027. If you have been planning a heat pump and want the program’s fixed 7.49% APR, the time to start is this week. Here is what is changing, who is affected, what to do before the cutoff and what your options are if you miss it.
What Is Changing
ComEd expects to stop taking new on-bill loan applications around October 15, 2026. The program then closes fully to new ComEd customers on January 1, 2027. Those dates come from the utility and can move, so we keep the current wording on our on-bill financing page.
What does not change: if you already have a ComEd on-bill loan, your repayment terms stay the same. The on-bill loans offered by Nicor Gas, Ameren Illinois, Peoples Gas and North Shore Gas are not affected and continue as normal.
What the Loan Looks Like
Illinois Energy Efficiency Loans are processed by Energy Finance Solutions. The lender pays us, and you repay on your utility bill.
| 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, and no prepayment penalty |
| Collateral | None. The loan is unsecured, with no lien on your home |
| How you repay | A separate line on your ComEd or Nicor Gas bill |
For a rough sense of the payment, multiply a per-$1,000 figure by the number of thousands you borrow. A 5-year loan is about $20.03 per month for every $1,000, and a 10-year loan is about $11.86. On $12,000 over 10 years that works out to roughly $142 a month. These are estimates for illustration; the lender sets your actual payment at closing.
Does Your Project Qualify?
Check these before you spend time on an application.
- You are a ComEd electric customer, and the home is a single-family house, condo, mobile home or building with up to four units.
- You are 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 and no deferred payment agreement.
- You meet the lender’s credit requirements. ComEd lists a minimum credit score of 640.
- The equipment qualifies: 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, or geothermal heat pumps.
- You prequalify before you buy, and an approved contractor does the work. Do-it-yourself installs are not eligible.
Two catches. Central air conditioners are not on ComEd’s list, but a heat pump qualifies and replaces your AC while adding efficient heat. And St. Charles, Geneva and Batavia run their own electric utilities, so the ComEd loan is not available for electric upgrades there.
What to Do This Week
Step 1
Confirm your utility
Check your electric bill. If ComEd is your electric utility and you are in the program area, you are in the window. If you live in St. Charles, Geneva or Batavia, call us and we will walk through your options.
Step 2
Get a written quote
Request a free quote or call. We size the system, confirm the exact models meet the utility’s ratings and show the ComEd instant discount line by line.
Step 3
Prequalify before work starts
Apply at ilenergyloan.com, by mail, or by calling Energy Finance Solutions at 877-923-2665. Online applications usually get a decision in moments, or within one business day.
Step 4
Ask how funding works
Program funds are limited and the utility checks eligibility again right before the loan is funded. We cannot promise a project will fund after the cutoff, and we will tell you what we know before you commit.
If You Miss the Cutoff
You still have options, and the closure does not change them:
- OPTIMUS financing through us. Prequalifying uses a soft credit check that does not affect your score, and there are options across credit levels. See our financing options.
- Nicor Gas on-bill loans for gas furnaces and boilers at 95% AFUE or better, which are not affected by the ComEd change. See Nicor Gas instant discounts.
- ComEd instant discounts on heat pumps and mini-splits come off your invoice. The closure we have been told about applies to the on-bill loan program, and our ComEd discounts page lists the current details.
Not sure which route fits? Read the 2026 ComEd heat pump discount tiers and how dual fuel works before your quote visit.
Thinking About a Heat Pump Before the Deadline?
A quote does not commit you to anything, and it shows every discount and the loan estimate in writing. The sooner we see the house, the more time you have to prequalify. Request a free quote or call us.
On-Bill Financing FAQs
Is ComEd’s on-bill financing program going away?
Yes. ComEd is closing its On-Bill Financing program to new applicants. It expects to stop accepting new applications around October 15, 2026, and the program closes fully to new ComEd customers on January 1, 2027. Existing loans are not affected.
Will my existing ComEd on-bill loan change?
No. If you already have a ComEd on-bill loan, your repayment terms stay the same.
Can I still get a Nicor Gas on-bill loan?
Yes. Nicor Gas, Ameren Illinois, Peoples Gas and North Shore Gas on-bill loans are not affected by the ComEd change.
Do I have to apply before the work is done?
Yes. You must prequalify before buying the equipment. Get your quote, apply for the loan, and we schedule the installation once you are approved.
Can I use the ComEd loan for 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 heating.
What is the interest rate?
7.49% fixed APR as of 2026, with no application fees, points or closing costs. The rate is set when you apply and is subject to change.
Want a Quote Before the Cutoff?
Call or book online for a free written heat pump quote in Elgin and the Fox Valley. We will show the loan estimate and every discount before you decide.
Read the full on-bill financing details or compare all financing options.
Rest Assured HVAC LLC is not a lender and does not make credit decisions. Illinois Energy Efficiency Loans are offered by the utilities 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.
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