A new joint utility financing program can help homeowners in Shelton and most other parts of Connecticut reduce energy consumption and save on home heating bills.
The objective is to provide low-interest loans for the conversion or replacement of existing heating systems, with new energy-efficient equipment.
The Energize Connecticut Heating Loan program will enable residential customers of the United Illuminating Co. (UI) and Yankee Gas — among other energy providers — the opportunity to finance boilers, furnaces and heat pumps that meet Energy Star or higher efficiency ratings, at an interest rate of 2.99% for loans of up to $15,000.
Monthly loan payments
Terms will ranging from three to 10 years, depending on the equipment selected. Customers can repay their loans through their monthly electric bills.
Shelton is served by UI and Yankee Gas. The other companies involved in the program are Connecticut Light & Power (CL&P), Connecticut Natural Gas and Southern Connecticut Gas.
‘Up-front investment’ is challenge
“Homeowners are eager to make energy-efficient improvements but in many cases the up-front investment in new equipment can be a challenge,” said Anthony Marone, senior vice president of customer and business services of UIL Holdings Corp., parent company of UI, Southern Connecticut Gas and Connecticut Natural Gas.
“With this new program, we are helping eliminate that hurdle, allowing families to invest now and save money long term,” Marone said.
Penni Conner, senior vice president and chief customer officer for Northeast Utilities, parent company of CL&P and Yankee Gas, added, ““This program provides attractive financing options that can help make equipment upgrades easier so customers can better manage their heating costs.”
Funds for new or existing fuel source
The framework for the new financing program was built through Connecticut Public Act 13-247, which called for the utilities to establish the program to promote greater adoption of energy-saving measures in support of the state’s energy goals and Gov. Dannel P. Malloy’s comprehensive energy strategy.
Program funds are available to residents who upgrade to qualifying efficient equipment utilizing a new or their existing fuel source.
In order to qualify for the loan program, property owners must have an on-time payment history of their electric bill for the prior six months.
The Energize CT Heating Loan program is administered by AFC First Financial Corp. To learn more, including equipment qualifications and how to apply, go to www.EnergizeCT.com/HeatingLoan.