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Energy Efficiency Fund (Electric and Gas) - Residential Energy Efficiency Financing

Last Review: 2012-11-19
Incentive Type: State Loan Program
Eligible Efficiency Technologies: Water Heaters, Chillers, Furnaces, Boilers, Heat pumps, Central Air conditioners, Caulking/Weather-stripping, Duct/Air sealing, Building Insulation, Windows, Siding, Roofs, Motor-ASDs/VSDs, Custom/Others pending approval, Tankless Water Heaters, Geothermal Heat Pumps
Applicable Sectors: Residential
Terms: 2.99% - 4.99%
Unsecured, simple interest, up to ten years.
Incentive Amount: 2,500 - 20,000
Website: http://www.chif.org/page/borrower-information-and-application

Connecticut homeowners and customers of Connecticut Light and Power Company (CL&P), and United Illuminating Company (UI) may apply for up to 100% financing for eligible energy efficiency upgrades through the Home Energy Solutions Program. Eligible homes include single- and two-family homes and condos as well as vacation (second) homes. The Connecticut Housing Investment Fund, Inc. (CHIF) administers the program.  There are four major steps to the program:

1. Complete the Home Energy Solutions Energy Assessment using qualified and approved contractors (this costs $75 and is done through the utility, see the Home Energy Solutions DSIRE Entry for more information). The assessment will provide a list of recommended energy efficiency upgrades along with a cost estimate. Information about rebates will also be provided at this time.

2. Apply for Financing to cover the costs of installing the energy efficiency upgrades after rebates are applied. Up to 100% of the costs are covered at either 2.99% or 4.99% rates, depending on the amount of financing required and/or upgrades. Special interest free rates may also be available. All applicants are subject to credit approval.

3. Contractor Completes Work and Receives Payment from the Program - The homeowner assumes the loan and CHIF pays the contractor directly for the energy efficiency upgrades. There is no closing cost on the loan and energy savings should help offset the loan payments.
4. Begin Repayment of Loan - The homeowner starts paying the loan 30 days after the work is complete.  Customers of CL&P have the option of paying monthly via utility bills or CHIF, and customers of UI pay directly via utility bills.

Oil or propane heated homes may not be eligible for the same low financing terms. Connecticut residents with oil or propane heated homes should contact the program directly at 1-800-992-3665 to inquire about rates, terms, and general eligibility.
This program started in June 2010 under the administration of AFC First Financial Corp. During the first year of the program, over 1,400 loans were approved, valued at approximately $15 million. In June 2011, CHIF began administering the program and added the on-bill financing option for customers of CL&P and on-bill financing requirement for UI customers.


Information - CHIF Residential Financing
Connecticut Housing Investment Fund
121 Tremont Street

Hartford, CT 06106
Phone:(860) 233-5165 Ext.
Phone 2:(800) 992-3665
Email: info@chif.org
Web site: http://www.chif.org


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