A new joint utility financing program is poised to help Connecticut homeowners reduce energy consumption and save on home heating bills. The objective is to provide low-interest loans for the conversion or replacement of existing heating systems, with new energy-efficient equipment.
The Energize Connecticut Heating Loan program affords residential customers of The United Illuminating Company (UI), Connecticut Light & Power (CL&P), Connecticut Natural Gas Corporation (CNG), Southern Connecticut Gas Company (SCG) and Yankee Gas (YG) the opportunity to finance boilers, furnaces and heat pumps that meet ENERGY STAR or higher efficiency ratings, at an interest rate of 2.99% for loans of up to $15,000. Monthly payments are affordable with terms ranging from three to 10 years, depending on the equipment selected. To make repayment easy, customers who participate have the added convenience of repaying their loans through their monthly electric bills.
“This program provides attractive financing options that can help make equipment upgrades easier so customers can better manage their heating costs,” said Penni Conner, senior vice president and chief customer officer for Northeast Utilities, parent company of CL&P and Yankee Gas. “We want to help our customers stay comfortable during all seasons and are ready to work with them to achieve their energy goals.”
“Homeowners are eager to make energy-efficient improvements but in many cases the up-front investment in new equipment can be a challenge. With this new program, we are helping eliminate that hurdle, allowing families to invest now and save money long term,” said Anthony Marone, senior vice president, Customer and Business Services, UIL Holdings Corporation. UIL is the parent company of UI, SCG and CNG.
The framework for the new financing program was built through Public Act 13-247 which called for the utilities to establish the program to promote greater adoption of energy-saving measures in support of the state’s energy goals and Governor Malloy’s Comprehensive Energy Strategy. Program funds are available to residents who upgrade to qualifying efficient equipment utilizing a new or their existing fuel source.
In order to participate in the loan program, property owners must qualify by having an on-time payment history of their electric bill for the prior six months.
The Energize CT Heating Loan program is administered by AFC First Financial Corporation. To find out more information about the Energize CT Heating loan program, including equipment qualifications and how to apply, visit: www.EnergizeCT.com/HeatingLoan.