New Haven utility parent company UIL Holdings teamed with Bridgeport-based United Bank to offer financing to homeowners switching to natural gas heat, as UIL furthers its campaign to switch Connecticut residents away from fuel oil.
Since acquiring natural gas utilities Southern Connecticut Gas Co. and Connecticut Natural Gas Corp. in November 2010, UIL has campaigned to switch Connecticut residents from using fuel oil to heat their homes. The UIL campaign focuses on the cost savings of switching to natural gas — heating with fuel oil costs roughly twice as much — and also discusses the environmental benefits as natural gas burns cleaner.
In the agreement with United Bank, customers making the switch to SCG and CNG natural gas will receive personal loans at attractive rates to helps homeowners pay the cost of converting to natural gas heat.
The high cost of switching to natural gas heat is offset by the savings from using a less expensive heating fuel. Switching pays for itself in cost savings after a number of years, depending on the cost of the conversion.
