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How Can a Hartford, Connecticut Household Use a Smart E-Loan For Solar Energy Installation?

Green Bolt
How Can a Hartford, Connecticut Household Use a Smart E-Loan For Solar Energy Installation?

Hartford, Connecticut residents pay one of the most expensive utility bills in the country. They don’t consume a lot of power per capita, but the utility rates are among the country’s highest. To counter the growing energy cost, homeowners have actively pursued solar power.

The demand and need for solar power are so high in Hartford, CT that Connecticut Green Bank has announced a specialized financing option called the Smart e-loan. It makes it easier for homeowners to access finance and power their homes with clean and affordable energy. Here is what you need to know about Connecticut smart e-loans.

What is a Smart E-Loan?

Connecticut Green Bank has partnered with Eversource to offer highly flexible and $0-down loans for low-interest rates. Under the smart e-loan program, homeowners can seek the services of select local contractors and lenders to upgrade the energy performance of their houses.

The loan is available for more than 40 energy upgrades, including solar-plus-storage solutions.

What Are the Terms of a Smart E-Loan?

A smart e-loan is available to eligible homeowners and offers the following terms:

  • Loan issued for a minimum term of 5 years and a maximum term of 12 years
  • Standard APR for smart e-loans is between 5.99% and 7.49%
  • No lien on the property since it is an unsecured personal loan
  • $0-down loan, so the entire cost of the project can be borrowed
  • $0 prepayment penalty and fixed monthly payments
  • It can be clubbed with other financing offers and rebates

How You Apply for a Smart E-Loan?

A property is eligible for a smart e-loan if it is located in Connecticut and occupied by the owner. A house, a residential building with 1 to 4 units, or a condo with an individual meter is eligible for a home loan.

Once you have ensured your eligibility, you can contact an enlisted contractor to discuss your energy needs and the project details. Once you finalize the contractor, you apply to one of the lenders from the program. Your contractor sends the project plan to Green Bank, who then forwards an approval instructing the lender to loan the funds. The lender then sends the first one-third payment to the contractor.

Once the project is complete, the contractor sends the final documentation to Green Bank, which again reviews it and settles the final payment with the contractor.

Work with A Trusted Contractor

Smart e-loans are an incredible financing opportunity for Connecticut homeowners. Choosing a trusted contractor like Green Power Energy ensures that your loan comes through without a hassle and that you have a seamless experience throughout the solar power installation project. Get in touch with GPE to understand more about smart e-loans and how to get started.

Get Started Today

Let’s talk about potential solar opportunities. We offer free, no obligation quotes to get you started on your solar journey. If you’d like to talk with us outside of getting a quote then please reach out to us using our contact page.
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