Finance

Financing

Smart E-Loan – Option 1

As many of you know, the Smart-E program recently celebrated its 10-year anniversary, an accomplishment that could only be achieved through the support of our lending and contractor partners. Looking forward, it is important for us to respond to changes in market conditions and maintain a program that is beneficial to all parties to maintain this success.

As a result, starting September 1, 2024, the following changes will be in effect:

Term September 23 Smart-E Rate September 24 Smart-E Rate Increase $10,000 Project Pmt/Mo. Old $10,000 Project Pmt/Mo. New Monthly Payment % Change
5 Years 5.99% 6.99% 1.00% $193.28 $197.96 2.4%
7 Years 5.99% 6.99% 1.00% $146.04 $150.88 3.3%
10 Years 6.99% 6.99% n/c $116.06 $116.06 n/c
12 Years 7.49% 7.49% n/c $105.47 $105.47 n/c
15 Years 7.49% 7.99% 0.50% $92.64 $95.51 3.1%
20 Years 7.49% 7.99% 0.50% $80.50 $83.58 3.8%

* Lender participation varies on offering 15- and 20-year terms.

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What Home Improvements Can I Finance?

A Smart-E Loan can be used for over 50 home energy and resiliency-related improvements, including insulation, windows, heat pumps, solar panels, floodproofing, plumbing and more. You can also use up to 25% of your loan for non-energy related measures and healthy home improvements, such as new ENERGY STAR® appliances, lead removal, or roof repairs in advance of going solar. (The current maximum loan amount for Smart-E is $50,000.)

Who Is Eligible For A Smart E-Loan?

To be eligible for a Smart-E Loan, your home must be:

  • Located in Connecticut
  • Owner-occupied
  • A residential building with 1–4 units (condominiums must be individually metered)

Qualification is based on factors including, but not limited to, credit score and debt-to-income ratio (DTI). All final underwriting decisions are made by the lender. Some improvements may require you to complete a Home Energy Assessment before you are eligible for a Smart-E Loan.

o Going forward, the Smart-E team will closely monitor the rate environment and will adjust rates to respond to market conditions.

Any project submitted into NGEN after August 31, 2023, at 11:59 pm will be subject to the new rates. There will be no exceptions.
If the project is submitted into NGEN and the homeowner has applied through a lender before the September 1, 2023 rate change, those project loans will close under the current rate structure.

  • Loan maximum increased
    • In addition to the rate changes, Smart-E loans will now be offered up to $50,000 (increased from $40,000) and loan exceptions can be made for amounts from $50,001 to $75,000. We believe this increase will make comprehensive projects more feasible for homeowners.
      • The lenders that have already agreed to offer the increased loan amounts are:
        • Nutmeg State Financial Credit Union
        • CorePlus Credit Union
        • Ion Bank
        • Union Savings
        • (We anticipate other lenders will also agree soon)

Energize CT – Option 2

What is the Energize CT Heat Loan Program?

0.99% APR and up to $15,000 Financing for new Energy Efficiency Heating Systems – http://www.ctheatloan.com

If you are a residential customer of Eversource or The United Illuminating Company (UI), you may be eligible for a low-interest loan to purchase and install an energy efficient heating system.

  • Loan installment payments will be billed conveniently on your monthly electric bill
  • Loan amount of up to $15,000
  • 0.99% APR financing For Residential Heating Equipment Upgrades or Conversions for the life of the loan
  • Low monthly payments on loan terms from 3 to 10 years which will result in a monthly payment equal to or less than your projected monthly energy savings
  • Up to 90% of the heating system equipment and installation may be financed depending on projected energy savings – the greater the savings, the lower the down payment

Your monthly payment and down payment required will be based on the projected energy savings of the proposed heating system. Your annual energy savings will be calculated in accordance with the current Connecticut Program Savings Documents (PSD) for the list of qualified measures below:

Meets or exceeds specifications listed below as verified by

1) AHRI certificate

  • Oil Boilers
    • AFUE ≥ 87.00%
  • Oil Furnaces
    • AFUE ≥ 85.00%
  • Natural Gas or Propane Boiler
    • ENERGY STAR certified 95% AFUE or greater and AHRI Rated with boiler reset control
  • Natural Gas or Propane Furnace
    • ENERGY STAR certified 95% AFUE or greater and AHRI Rated with ECM air handler motor
  • Natural Gas Steam Boiler
    • AFUE ≥ 82.00%
  • Air Source Heat Pumps
    • Centrally-Ducted: ≥16 SEER, ≥9.5 HSPF, 60% Heating Capacity Ratio (17º F/47º F), and AHRI rated
    • Ducted and/or Ductless Multi-Zone: ≥16 SEER, ≥9.5 HSPF, 58% Heating Capacity Ratio (17º F/47º F), and AHRI rated
    • Ductless Single-Zone: ≥18 SEER, ≥10 HSPF, 58% Heating Capacity Ratio (17º F/47º F), and AHRI rated
  • Ground Source (Geothermal) Heat Pumps
    • Closed Loop Water to Air: 17.1 EER, 3.6 COP, and ENERGY STAR certified
    • Direct Expansion Refrigerant: 16 EER, 3.6 COP, and ENERGY STAR certified
    • Water to Water: 16.1 EER, 3.1 COP, and ENERGY STAR certified
    • ENERGY STAR ratings are the average of high/low speed on 2 systems
  • Propane Tanks (purchase only)

Who is Eligible?

  • Applicant must own the property
  • Residential rate customers of participating utilities
  • Applicant must have their electric account with Eversource or United Illuminating
  • The primary borrower must be the property owner AND be listed on the electric account.
  • Applicants must be current on their electric utility bill and have had either
    • no late payments for the most recent 6 consecutive months; or
    • no more than 2 late payments for the last 12 consecutive months
  • There are no other credit qualifications required, we will not be inquiring about your credit score

How to Apply For Energize CT Loan

Get an Estimate
You can get a estimate today by filling out our contact form by clicking here or contact us via phone by calling one of our locations that is closest to you! See our locations below.

(860) 536-2552 Mystic, CT
(860) 535-2552 Stonington, CT
(860) 447-8484 New London, CT
(860) 388-5001 Old Saybrook, CT
(860) 886-5000 Norwich, CT
(401) 596-6655 Westerly, RI

Fast Approval
Mobile-friendly, web-based tools allow your contractor to instantly quote your monthly payment and down payment based on projected energy savings of the proposed heating system. Fast and easy approval based on program guidelines and verification of electric utility bill payment history. You may apply online or by calling 1.800.992.3665.

Installation and Payment to Contractor
Your contractor sends us a copy of their estimate/proposal and Contractor Submission Sheet identifying final price and qualifying improvements. We provide you with a few simple documents to sign. We pay the contractor upon receipt of a signed Completion Certificate and verbal confirmation from you, the customer, that the work has been done to your satisfaction.

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