CT Upgrade and Save to be available with consumer financing for installations
In the current uncertain times, it's understandable that homeowners are saving their cash. For HVAC contractors, that means potentially fewer new installations. That's why CEMA is partnering with NEIF, the National Improvement Energy Fund, to provide a type of financing that car companies are doing. Both Ford and VW, for example, allow new car buyers to delay making payments for 3-6 months, pushing off cash flow payments on these major capital purchases. But that's just delaying payments. CEMA is going a step further and cancelling 3-6 months of installment payments if financed through NEIF using all or part of their NORA rebates to cover those payments. Coupling this incentive with the low fixed monthly payments provided by NEIF's fair and simple fixed rate financing program provides customers with both immediate peace of mind and long-term affordability for new heating systems. The exact amount of applied payments will be calculated by NEIF, determined by the eligible incentive amounts and the customer's monthly payment based on a ten year term. The loan may be paid off at any time without penalty. All loans are made directly to the consumer by National Energy Improvement Fund, LLC for work performed by NEIF-Approved Contractors. Subject to credit approval. Simple interest, fixed rate unsecured installment loans, standard rates range from 7.99% to 9.99% APR based on applicant's credit. There are no "dealer fees" to the contractor. Contractors in this program must have both an HOD number and S-1 license. They don't have to be a CEMA member, but do have to be approved by NEIF https://www.neifund.org/become-approved-contractor. Allocation of rebate dollars will be based on company size and prior year allocations. Instructions on the loan will be shortly forthcoming on the dealer website http://www.upgradeandsavect.com/. Thanks to Burnham, rebate amounts can be as high as $1,000 for certain of their equipment.