Holland On-Bill Loan Program

Holland Energy Fund

Holland Energy Fund, Inc. (HEF) designed designed this program with EFS to support the community. To qualify you for the loan, we don’t look at your debt-to-income ratio or credit score. We know those numbers don’t tell us who you are. Instead, we look at real evidence. We check to see if you’ve made a year of on-time, in-full utility payments – and look at your other debt track record. The result? More people qualify for energy efficiency loans and reap the benefits of healthier homes and lower energy bills.

How can I qualify?

To be eligible for an HEF On-Bill Loan, the property must meet these requirements:

  • Property must be located within the City of Holland.
  • Holland BPW must be the electric service provider and customer must have at least twelve months of on-time payment history with Holland BPW.
  • The loan application must be in the homeowner’s name (as it appears on the title), which needs to match the name on the Holland BPW account.
  • Applicant must meet underwriting criteria. (See The Fine Print above for details.)
  • Applicant must have a qualifying contractor complete a home energy audit before they apply for the loan. (See Comprehensive Energy Assessment below.)

Rental properties are eligible (single family, 1-4 units); the landlord must hold the account for electric service, meet all other loan eligibility requirements listed above, and be the one to apply for the loan.

Some customers may qualify for free or lower-cost weatherization or retrofit programs. We encourage you to take advantage of those programs before applying for this loan program. Examples of these programs include:

  • The Weatherization Assistance Program administered by the state and local community action agencies
  • The Michigan State Housing Development Authority Property Improvement Program
  • Utility income-qualified weatherization programs
  • The U.S. Department of Agriculture loan and grant programs
  • City of Holland Home Repair Program
  • City of Holland Central Neighborhood Enhancement Program
  • The City of Holland and Good Samaritan Ministries Landlord Energy Efficiency Upgrade Program.

To learn more about these programs, we encourage you to contact the individual programs directly to get detailed eligibility requirements and program information. You can also find a summary of the eligibility requirements for them in Appendix C of the Holland On-Bill Loan Program Implementation Guide.

Help me find an approved contractor

You must use an authorized Slipstream Energy Finance Solutions (EFS) contractor to install the eligible improvements that make the most sense for your property. You can also find an authorized contractor on the Michigan Saves list.

The fine print

Eligible Properties: Single-family (1–4 unit) homes within the City of Holland

Loan Type: Unsecured loan.

The repayment is directly on your utility bill and a lien is placed on the property. If the loan repayment terms aren’t met, the tax lien foreclosure process still applies with the same priority as charges for electric service and real property taxes.

A notice of the loan will be recorded with the register of deeds for the county where the property is located. The repayment obligation stays with the land. If the loan isn’t repaid and you move, the loan will transfer to the customer who takes over the property. Customers can have multiple loans, and they will be consolidated into one loan if the total amount financed does not exceed $30,000, which is the maximum loan amount.

Repayment Mechanism: Customers will pay back the loan through a per-meter charge on the monthly Holland Board of Public Works (BPW) bill for electric services. The payment is considered part of the charges for electric services to the property.

Eligible Improvements: First you have a free, comprehensive whole-home energy assessment completed . Then, an authorized contractor (see "Help me find an approved contractor") will install the energy-saving home improvements listed in the Michigan Energy Measures Database that make the most sense for your property.

Loan Amounts: $5,000 - $30,000

Loan Term: The minimum loan term is 5 years. The maximum loan term is 15 years, or equal to the expected life of the improvement made, whichever is less.

Loan Rates: The interest rate is 4.99% for loans with 5-10 year terms (60 – 120 months). The interest rate is 5.99% for loans with 11-15 year terms (121 – 180 months).

Key Underwriting Criteria: These loans don’t look at credit scores or debt-to-income ratios. To qualify you need a twelve-month history of on-time electric utility bill payments paid in full. You also cannot have delinquent taxes, bankruptcies within three years (from the date it was discharged from your record), or any unsatisfied money judgements.

Loan Agreement: The loan agreement is between the Holland Energy Fund and the customer. HEF pays the contractor directly after the energy efficiency improvements are completed and the loan payments are added to your monthly Holland BPW electric utility bill.

Calculate your loan costs

Let us help you understand how much your loan will cost. Use our calculator for a quick estimate before you apply.

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I'm ready to apply!

Make sure you reviewed the eligibility requirements above and have a registered contractor complete your home energy audit. Then there are three ways to apply:

  • Apply online - Complete and submit the online application.

  • Print the application - Download and complete the PDF application. When completed, mail or fax your application to Slipstream EFS at the address below.
  • Request an application packet by mail - Call us at 800.681.2095 if you would like us to mail you an application packet.

No matter how you apply, you will have to submit additional documentation. After you apply online, you can upload this directly to your account file. You can also mail or fax your documentation to EFS at the address or fax number below.

Energy Finance Solutions
431 Catalyst Way
Madison, WI 53719

Fax: 608.249.5788

Why do we offer this loan?

Holland Energy Fund, Inc. (HEF) incorporated as a nonprofit corporation to facilitate and finance aspects of the City of Holland's comprehensive, long-range Community Energy Plan (CEP) to become a world-class leader in energy security, affordability, sustainability, and efficiency.

The CEP includes several large-scale projects. This program is part of a project to make Holland's 7,400 single-family homes more energy efficient. Energy efficiency investments are a cost-effective tool to decrease energy consumption, enhance building comfort, and reduce utility bills, but they can be expensive to fund. This program is HEF’s way to help make home energy improvements more accessible.