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:
| Loan Terms | 5 Years | 7 Years | 10 Years | 12 Years | 15 Years |
|---|---|---|---|---|---|
| Standard APR | 6.99% | 6.99% | 6.99% | 7.49% | 7.99% |
| Loan Terms | Standard APR |
|---|---|
| 5 Years | 6.99% |
| 7 Years | 6.99% |
| 10 Years | 6.99% |
| 12 Years | 7.49% |
| 15 Years | 7.99% |
* Lender participation varies on offering 15-year terms.
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)
- The lenders that have already agreed to offer the increased loan amounts are:
- 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.
