Connecticut Green Bank updates Smart-E loan program

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.”