Financing at a 0.99% interest rate, up to $15,000, is available for qualified homeowners for the purchase and installation of eligible energy-saving heating equipment. Repayment through your utility bill makes the process easy.
What is a Heating Loan?
The program is administered by Capital for Change, Inc., and can be used to finance qualifying energy-efficient heating systems.
Loan Terms ➞
- Financing is available up to $15,000.
- A minimum down payment of 10% of the cost of the replacement heating furnace or boiler equipment is required. The minimum down payment varies by type and efficiency of equipment selected.
- 0.99% interest rate.
- Financing term between 3 to 10 years based on the time it takes for the replacement heating furnace or boiler equipment to pay for itself from energy savings, plus two years. For details, visit ctheatloan.com.
- No fees to you or your contractor; no pre-payment penalty.
- Unsecured, fixed-rate financing.
- Payments are made along with your monthly electric bill payments. If the property is sold, the balance may be repaid or may be transferred to the new owner.
Loan Available For These Measures ➞
Heating equipment to be installed must meet specific efficiency criteria for heat pumps, boilers, and furnaces.
Eligibility ➞
If you’re a residential customer of Eversource, UI, CNG, or SCG you could be eligible for low-interest financing for a new energy-efficient heating system. To participate, you must own a single family home or a multifamily home up to four units, including condos. Vacation homes also qualify.
- You must have an Eversource or UI residential electric account at the address where the new equipment is to be installed.
- You must own the property where the new equipment is to be installed.
- You must be current with your electric utility bill and have had either:
- no late payment charges for the most recent six consecutive months or
- no more than two late payment charges for the last twelve consecutive months
- All work must be completed by Capital For Change registered contractors. To participate, contractors must meet program standards, including proper licenses and insurance.
How To Get Started ➞
Visit ctheatloan.com to apply online now and for more details. Or call our lending partner, Capital For Change, Inc (formerly CHIF), at 1-800-992-3665.
Participating Contractors ➞
A list of participating contractors can be found on the CT Heat Loan website.
Additional Information ➞
Feel free to call 1-800-992-3665 with any questions.
If you are a Connecticut resident and are not served by one of the utilities listed above, please visit your utility’s website to see what energy efficiency programs are available to you.
