Feb. 25--The electric and natural gas companies of Northeast Utilities and UIL Holdings are offering a new financing program to help Connecticut homeowners reduce energy consumption and save on home heating bills.
The Energize Connecticut Heating Loan program will provide homeowners with low-interest loans so that they can convert or replace existing heating systems with new, energy-efficient equipment. Residential customers of NU's Yankee Gas and Connecticut Light & Power as well as UIL Holdings Corp.'sUnited Illuminating Co. and its two natural gas utilities in the state, Southern Connecticut Gas and Connecticut Natural Gas, are eligible for the financing provide they have paid their bills on time for the last six months.
The Energize Connecticut loan program gives residential customers the chance to finance boilers, furnaces and heat pumps that meet Energy Star or higher efficiency ratings, at an interest rate of 2.99 percent for loans of up to $15,000. Loans can be paid off in monthly installments over a period of 3 to 10 years based on the equipment selected, with the option of adding the payments to a customer's electric bill.
"This program provides attractive financing options that can help make equipment upgrades easier so customers can better manage their heating costs," Penni Conner, chief customer officer with NU and a senior vice president with the company, said in a statement. "We want to help our customers stay comfortable during all seasons and are ready to work with them to achieve their energy goals."
Anthony Marone, senior vice president of customer and business services for UIL Holdings, the new loan program acknowledges that "up-front investment in new equipment can be a challenge."
"With this new program, we are helping eliminate that hurdle," Marone said in a statement.
The loan program is available to residential customers who either want to heat their home more efficiently using their existing fuel source or who want to change over to a different type. It can also be used to purchase energy efficient home heating equipment for new homes, said Mitch Gross, a NU spokesman.
The loan program is administered by AFC First Financial Corp., an Allentown, Pa.-based company that specializes in energy efficiency project financing.
Call Luther Turmelle at 203-789-5706.
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