Two major power companies in the state of Connecticut – UIL Holdings and Northeast Utilities – are coming together to help reduce the state's overall energy consumption. They have started a new low-interest loan program for qualified residents, called the Energize Connecticut Heating Loan Program. This initiative is designed to help homeowners finance energy efficient upgrades to their homes.
The loans will be funded by UIL and Northeast and can be used to replace existing heating systems that might be outdated in favor of more energy efficient equipment. Residents are eligible for this program if they get their power from any of either company's subsidiaries and have paid their monthly utility bills on time for the past six months. The loans will be given at a fixed 2.99 percent interest rate on any loan of up to $15,000 and can be paid off over the course of three to 10 years. Customers have the option of adding the payments directly to their energy bills.
In a public statement after the announcement of this loan program, the VP of customer services for UIL said these loans will be very beneficial for those homeowners who want to cut down on their home's energy consumption, but might not have the financial means to make the initial investment. Because energy efficient upgrades can often be expensive, the company is using the loan program to pay the upfront costs.
If you are looking to improve the energy efficiency of your home, contact Alban Inspections today. As a leading home inspection company, we can perform an energy audit on your home and help you fix all of the problem areas where you are wasting unnecessary energy.