Financing

Commercial HVAC financing in New Jersey through your utility

In most New Jersey utility territories, commercial HVAC financing runs through the same programs that pay the incentive: the balance is financed at 0%, often over five years, and repaid on the utility bill. Incentives commonly cover 50 to 80% of project cost, so the financing only has to carry what is left. Rivet does not lend money, but we line up the financing request with the incentive application and plan the project around when that money is paid out.

Check financing for your building (848) 261-9510 info@rivetenergypartners.com

A row of air conditioning condensing units on a hospital roof, the kind of equipment commercial HVAC financing pays for

How on-bill repayment works in New Jersey

The utility, or NEIF, the lender that JCP&L and Atlantic City Electric work with, pays the part of the cost the incentive does not cover. You repay it in equal monthly installments, in most territories as a charge on the utility bill.

Only the balance after the rebate is financed.
The work has to qualify for the utility's incentive program.
There is a credit review. PSE&G uses an Experian Financial Stability Score, and NEIF makes its own credit decision.

Financing terms by NJ utility

Each utility finances its own programs, so a building with separate electric and gas utilities can have two repayment arrangements.

PSE&G: interest-free, repaid in equal installments on the PSE&G bill over 60 months, on Prescriptive, Custom, Energy Management and Direct Install projects. PSE&G funds it itself.
JCP&L: NEIF states 0.00% for projects under $250,000 and for 80% of the project on larger jobs, with a $2,500 minimum, repaid on the JCP&L bill. FirstEnergy's own financing page lists commercial terms of up to 2.99% for up to five years, so confirm the rate before signing.
Atlantic City Electric: 0% loans through NEIF with the same size rules and $2,500 minimum. NEIF or its lending partner is the lender and servicer and sends its own statements. Approved loans carry a one-time documentation fee of $150 to $300.
South Jersey Gas and Elizabethtown Gas: five-year 0% APR financing through each utility's On-Bill Repayment Program, on Prescriptive and Custom projects.
New Jersey Natural Gas: a no-interest On-Bill Repayment Program on Prescriptive and Custom projects. The program page does not state the term.

PSE&G on-bill repayment is paid after the work is done

On-bill repayment is not up-front money. PSE&G's FAQ says repayment funds are issued after the project is completed and the incentive is approved, and the check can go to the customer or the contractor.

Once the repayment contract is signed, the charges can take up to three months to show on the bill. NEIF works the same way in JCP&L territory, paying the contractor once the work is done and the rebate has been approved and processed.

Until that payout, the owner or a contractor willing to wait carries the construction cost.

Two PSE&G programs work differently. The Direct Install page says PSE&G covers the up-front costs, and Engineered Solutions releases funds as construction progresses, with 120 months to repay instead of 60 for multifamily buildings financed by the New Jersey Housing and Mortgage Finance Agency.

When to request financing in NJ

Atlantic City Electric has a hard timing rule. NEIF's FAQ says the 0% loan must be approved before the project is complete, and ACE has to approve the project before NEIF will approve credit.

Only the customer can submit that loan application, not the contractor.

In JCP&L territory the customer applies through the contractor's NEIF link. PSE&G takes a request before or after the project, but it goes on the project application, so ask when that application is filed.

Rivet's role in utility financing

Credit decisions and terms belong to the utility or its lender, and licensed partner contractors do the installation.

We handle the paperwork and the timing:

Working out which utility finances which part of the project
Adding the on-bill repayment request to the PSE&G project application we prepare
Flagging when an owner has to apply to NEIF directly, and by when
Checking that the installer is NEIF-approved in JCP&L and ACE territory
Setting out when the money is paid, before anyone signs a contract

Common questions

Is utility financing a loan?

In PSE&G territory the utility funds it and you repay PSE&G interest-free over 60 months on the bill. In JCP&L and Atlantic City Electric territory it is a loan from NEIF, and NEIF describes the ACE loan as equipment-secured, with no lien on the property.

Does on-bill repayment reduce the incentive?

Not according to PSE&G. Its FAQ says the incentive will not be reduced for using on-bill repayment, though the incentive can still change under the normal program rules.

What happens if we sell the building before it is repaid?

PSE&G's FAQ says the balance must be paid in full on the final bill or transferred to the next owner. A transfer needs PSE&G's written consent and is reviewed case by case, so be ready to pay the full balance if it is denied.

Can we pay it off early?

PSE&G allows a lump-sum payoff, or a partial payment up front to lower the amount financed. NEIF's JCP&L terms allow prepayment only of the full balance, and extra monthly payments go toward utility usage rather than the loan.

Can apartment buildings use it?

Yes. NEIF lists multifamily properties as eligible in JCP&L territory and multifamily buildings of four or more units in Atlantic City Electric territory. PSE&G offers on-bill repayment in its Multifamily Program, and its Engineered Solutions program lists multifamily apartments.

Send us your electric and gas bills to see which financing applies

Your utilities decide which financing applies. Send the bills and we will tell you the terms, the timing and who applies for what.

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