A new joint utility financing program could help Connecticut homeowners reduce energy consumption and save on home heating bills.
The Energize Connecticut Heating Loan program seeks to help homeowners pay for energy-efficient equipment upgrades. Homeowners can pay an interest rate of 2.99 percent for loans of up to $15,000 when they purchase boilers, furnaces and heat pumps that are Energy Star-rated. Energy Star is a government-backed labeling program that distinguishes highly energy efficient factories, office equipment, home appliances and electronics.
“Homeowners are eager to make energy-efficient improvements but in many cases the upfront investment in new equipment can be a challenge,” Anthony Marone, senior vice president of customer and business services at UIL Holdings Corp, said in a written statement.
Program funds are available to residents who want to upgrade energy efficient equipment using a new or existing fuel source.
Monthly payment terms could range from three to 10 years, depending on the equipment purchased. Customers can add a loan repayment plan to 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,” Penni Conner, senior vice president and chief customer officer for Northeast Utilities, said in a written statement.
The utility companies involved in the loan program include The United Illuminating Co., Connecticut Light & Power Co., Connecticut Natural Gas Corp., Southern Connecticut Gas Co. and Yankee Gas Services Co.
To participate in the financing program, homeowners must show a six-month minimum record of on-time payments on their electric bills.
For more information on equipment qualifications and how to apply, visit Energize Connecticut’s Heating Loan Program website.
