What is Energize CT Heating Loan?Jared Kane2016-03-09T19:48:29+00:00
2.99% APR Financing for Energy Efficiency Heating Systems
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.
2.99% APR financing For Residential Heating Equipment Upgrades or Conversions for life of loan*
Loans up to $15,000
Installments on your loan will be billed conveniently on your monthly electric bill
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
What Improvements Qualify?
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 Connecticut Program Savings Document (CPSD) 9th Edition for 2014 Program Year dated 11/08/2013 for the list of qualified measures below.
ENERGY STAR® Rated and other Qualifying Improvements
Meets or exceeds specifications listed below as verified by 1)energystar.gov 2) AHRI certificate or 3)Manufacturer product specification documentation
AFUE ≥ 87.00%
AFUE ≥ 85.00%
Natural Gas or Propane Boiler
AFUE ≥ 90.00%
Natural Gas or Propane Furnace
AFUE ≥ 95.00%
Natural Gas Steam Boiler
AFUE ≥ 82.00%
Air Source Heat Pumps
SEER ≥ 15.00, EER ≥ 12.50, HSPF ≥ 8.50 for Split Systems
SEER ≥ 15.00, EER ≥ 12.00, HSPF ≥ 8.20 for Packaged Systems
Geothermal Heat Pumps
Closed Loop Water to Air EER ≥ 17.1, COP ≥ 3.6
Closed Loop Water to Water EER ≥ 16.1, COP ≥ 3.1
Direct Expansion Refrigerant EER ≥ 16, COP ≥ 3.6
AHRI Rated Ductless Heating and Cooling System of Matched Assembly*
SEER ≥ 14.5, EER ≥ 12, HSPF ≥ 8.2
AHRI Rated Ductless Cooling System of Matched Assembly
SEER ≥ 14.5, HSPF ≥ 8.2
*Multi-zone indoor unit ductless systems with only 1 outdoor condenser unit are not subject to the 12 EER requirement.
Who is Eligible?
Residential rate customers of participating utilities
Must own the property
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 payment charges for the most recent six (6) consecutive months or
no more than two (2) late payment charges for the last twelve (12) consecutive months