Low-Interest Loans for Commercial and Industrial Customers
This program is one of several innovative solutions offered by Energize Connecticut and administered by CL&P, UI and the natural gas utilities.
Financing Opportunities for Electric and Natural Gas Energy-Efficiency Projects
With support from Energize Connecticut, incentives are available to help reduce the cost of installing energy-efficient equipment; however, they do not cover the entire cost. For qualifying commercial and industrial accounts, the project costs not covered by the incentives can be financed through the C&I Energy Efficiency Loan program.
- Commercial and industrial customers in business for a minimum of three years with good credit standing.
- All commercial and industrial customers qualify except for new construction or major renovation projects and those projects which participate in the Energy Efficiency Fund’s Small Business Energy Advantage program.
How Does the Loan Program Work?
- This is a low-interest loan offered to commercial and industrial customers who implement energy-saving measures through a qualifying incentive program funded by Energize Connecticut.
- The loan must be used for the upgrading or replacement of existing equipment with high-efficiency equipment.
- The loan limits are $2,000 minimum to $1,000,000 maximum with subsidized low percent interest financing offered on the first $100,000 of the loan. The balance can be financed at market rates.
- Financing for the Commercial & Industrial Energy Efficiency Loan has a maximum loan term of 60 months.
- Loan terms may be rounded up a year from the payback period (annual savings / net investment cost) to create a cash positive scenario for a maximum loan term of 60 months.
- Projects that are defined as comprehensive (including multiple energy saving measures and two or more end uses) may qualify for a 2.99% interest rate.
- Projects that are defined as non-comprehensive (affect only a single end use) may qualify for a 4.99% interest rate.
For more information call 1-877-WISE-USE (1-877-947-3873).