There are many different financing options for going solar. It depends on the homeowners’ goals and plans to determine which one makes sense. If you’ve done or are are planning on doing some energy efficiency upgrades, a Smart-E Loan might be worth considering.
Smart-E Loans are offered through a partnership with the Connecticut Green Bank and local lenders.
If you are planning on going solar, you can add any of the following upgrades and may qualify for a 2.50-2.99% interest rate!
- Attic, wall or floor insulation
- Heat pump (includes air source hot water heater, ductless mini splits, and geothermal)
- High efficiency boiler or furnace
You can finance all of these measures with one loan, which can make the process much easier. If you’ve already done one of these upgrades within the past 5 years, you may still qualify for the reduced interest rate.
Smart-E Loans can require a bit more steps. You’ll need to look for contractors if you haven’t done the work already, and choose a lender. The CT Green Bank will need information and specifications about the work being done, and there will be some forms required after you’ve been pre-approved. Luckily, your contractor can walk you through the process and give you a checklist of all the information needed.
Smart-E Loans also offer a lot more flexibility. There are 10 approved lenders that work all over the state of Connecticut, and homeowners can shop around to look for the one that is most convenient. You can also search for approved contractors to do the energy efficiency measures here. If you already have someone in mind that’s not on that list, simply have them e-mail at smarte[at]ctgreenbank.com to get them set up as an approved contractor.
To learn more, visit the Energize CT website here.