New Haven electric utility United Illuminating completed the company’s first low-interest loan to help a customer install energy efficiency equipment.
Hamden resident Allen Townsend was the first UI customer to close a loan, which he used to buy an Energy Star central air system and two programmable thermostats.
The loan comes in partnership with the Connecticut Energy Efficiency Fund and the Connecticut Housing Investment Fund, Inc. to provide loans with interest rates between 2.99-4.99 percent to finance energy efficiency purchase. A potential borrower must first have their home assessed through the Home Energy Solutions program, so an efficiency professional can recommend needed upgrades.
Through multiple initiatives, Gov. Dannel Malloy is trying to make Connecticut the most efficient user of energy in the country, which it was before funding was cut to several efficiency programs. Because the state has the top three highest electric rates in the nation, one way to lower overall energy costs is to improve efficiency and conservation.
