The Connecticut Energy Efficiency Fund, in partnership with Connecticut Light & Power and The United Illuminating Company, is pleased to announce a new round of financing options designed to assist business owners looking to use less energy and save money on utility bills through energy efficient equipment improvements. Geared towards larger companies who have been in business for at least three years and enjoy good credit standing, the energy efficiency loans help defray the costs of installing energy-efficient equipment that are not covered by Energy Efficiency Fund incentives.
“Businesses from across the state that are implementing energy-saving measures through qualifying Energy Efficiency Fund programs have the option to take their energy efficiency efforts a step further through our enhanced financing options,” said Richard Steeves, First Vice-Chair of the Energy Efficiency Board. “Our experts will walk businesses through the available financing options so they can continue to upgrade their operations, saving them both energy and money in the long run.”
Companies planning to incorporate two or more energy-saving measures affecting more than one end use may qualify for an attractively low 2.99 percent interest rate. Other projects, affecting a single end use, may qualify for a 4.99 percent interest rate.
Loan limits are $2,000 minimum to $1,000,000 maximum, with the subsidized low percent interest financing offered on the first $100,000 of the loan. Financing is available for a maximum loan term of 60 months, and terms may be rounded up a year to create a cash positive scenario up to the maximum loan term.
Interest-free loans and on-bill financing are also available to small business customers participating in the Energy Efficiency Fund’s Small Business Energy Advantage (SBEA) program, as well as to municipalities. Additionally, low interest energy efficiency loans above $1,000,000 are available on qualifying energy efficiency projects.
If you are interested in learning more about lowering your business’ energy use and saving money, please visit please visit www.CTEnergyInfo.com or call 1-877-WISE-USE 877-947-3873.