As solar loans proliferate, the Clean Energy Finance and Investment Authority offers Connecticut homeowners a bundled Smart-E home energy loan. Even without the bundle, homeowners in the state can get an attractive deal on a home solar loan.
Solar loans are getting big, and they’re set to help facilitate the transition in residential solar financing that GTM Research is expecting. In a recent report, they predict that next year, the trend will shift from leasing to ownership.
One of the financing options, which being offered in Connecticut, is a Smart-E home energy loan. These loans offer homeowners easy, affordable, and flexible financing for a number of energy-efficiency improvements.
Smart-E, an Energize Connecticut initiative, is designed to help consumers not only use cleaner energy but also save energy and money. This is especially attractive to Connecticut residents, who pay some of the highest home energy prices in the nation.
Clean Energy Finance and Investment Authority (CEFIA), the nation’s first state Green Bank, is now offering a bundle promotion for the loans that includes discounted interest rates of 2.75% – 2.99%. While the promotion includes measures like converting from oil to natural gas, it also covers solar system. It’s available to homeowners who complete more than one of a selection of energy-efficiency and clean energy improvements. The discounted interest rates lenders include Coreplus Federal Credit Union, Eastern Savings Bank, Quinnipiac Bank & Trust Company, Thomaston Savings Bank, and Union Savings Bank.
Smart-E loans are available for terms of 5, 7, 10, or 12 years. Even for Connecticut homeowners who don’t plan on taking advantage of the bundle promotion, the loans are attractive, with maximum loan rates of 4.99% – 6.99%. Qualifying Connecticut residents do not need home equity to get a loan, and the loan does not require a lien on the home. There is no down payment necessary and no pre-payment penalty.
“Smart-E loans provide homeowners with an opportunity to finance more than 40 energy improvements that can result in positive-cash-flow-savings in the first month,” said Bryan Garcia, president and CEO of CEFIA, which manages Smart-E. “Approximately 150 Connecticut residents already have taken advantage of Smart-E loan options over the past year, and more and more homeowners are seeking Smart-E loans to upgrade their homes.”