The Connecticut Green Bank has updated its Smart-E loan program that provides homeowners with low-interest financing to access energy-saving technologies.
The program”™s maximum loan amount is being increased from a $40,000 limit to a $50,000 standard maximum ”“ and with exception approval from the lending partner, the amount can go up to $75,000. Smart-E loan lenders will also now have the ability to lend to borrowers with a 580 FICO score, down from the 640 minimum.
Smart-E loans are offered through community banks, credit unions and a community development financial institution. More than 300 contractors participate in the program, offering services that include more than 40 eligible energy-related improvements, including insulation, windows, solar, battery storage, and air source and geothermal heat pumps.
“We are seeing the average loan amount in the Smart-E portfolio increase in recent years, as homeowners seek comprehensive projects and with higher installation costs due to inflation, supply chain, and labor issues,” said Bryan Garcia, president and CEO of the Green Bank. “The change to the maximum loan amount provides greater access to low interest rate financing for these energy-saving projects.”
