Program Contacts
Bob Groegler
CT Business Development Manager
Shawna Hoffman
CT Program Manager
Ken Yeager
Vice President of Business Development
Julie Unger
Vice President of Operations
AFC First Financial Corporation
888-232-3477
Program Revisions to
Connecticut
Energy Efficiency Fund
Residential Financing Program
New Rates Effective April 15, 2011 for all New Applications
April 12, 2011
Effective for all applications received on or after April 15, 2011, the current 0.00% rate will be changed to a 2.99% rate and the 2.99% rate will be changed to 4.99% for all applicable programs. In its first year, the program has approved over 1,400 loans and over $15 million in loan volume.
The success of the program is an indicator of great consumer demand for affordable financing for energy efficiency improvements. This slight increase in interest rates will allow the program to serve even more homeowners through better leveraging of program funds.
The Connecticut Energy Loan Residential Financing Pilot , sponsored by the Connecticut Energy Efficiency Fund in partnership with Connecticut Light and Power (CL&P) and United Illuminating (UI), has been a very effective and useful program to incent households to make energy efficient home improvements. The current pilot is scheduled to end as of May 31, 2011, however, both CL&P and UI intend to offer a multi-tiered subsidized interest rate program, with rates, terms and procedures similar to the current program in their new loan programs scheduled to launch on June 1, 2011. All program parameters have not been finalized and there will be some changes in qualifying improvements. Please stay tuned for details on program changes to be effective June 1, 2011.
For more information on the program, sales training and supplies contact our Connecticut Business Development Manager, Bob Groegler at 610 393-3341 or rgroegler@afcfirst.com.
QUALIFYING IMPROVEMENTS & RATES 4/15/11
COMPREHENSIVE ENERGY SAVING PROJECT
2.99% loans from $7,000 to $20,000
4.99% loans from $2,500 to $6,999
Comprehensive projects shall consist of two or more qualifying measures. Qualifying measures include:
High efficiency insulation
Water Heating systems
Advanced Air Sealing
Duct Sealing
HVAC Equipment
All components of an HVAC system (both heating and/or cooling equipment) must meet program guidelines
ENERGY STAR® Central A/C System* - 15 SEER / 12.5 EER
ENERGY STAR® Air to Air Heat Pump – 15 SEER / 12.5 EER / 8.5 HSPF
ENERGY STAR® Geothermal Heat Pump*
4.99% up to $10,000, Standard Energy Loan rate for balance to $20,000
Gas Boilers and Furnaces – 95% efficient AFUE with Electronic Commutated Motor (ECM)
Oil Boilers and Furnaces - 86% efficient AFUE with ECM (Boilers require temperature reset and purge controls
ENERGY STAR® Propane Furnaces*
Windows
Qualify if combined with at least one other energy savings initiative. (ENERGY STAR® or better only. Available only if single pane windows currently exist in the home).
* Must be listed on energystar.gov. Geothermal: Closed Loop Only - must meet CEEF VIP standards.
Examples of qualifying comprehensive projects:
-
Retrofit installation of a qualifying heating and/or cooling (HVAC) system as part of comprehensive (multi-measure) project. All components of an HVAC system (both heating and/or cooling equipment) must meet program guidelines - as shown below:
Replacing a like for like HVAC system of any type except for Ductless Heat Pumps and Geothermal Systems
At least one additional eligible energy efficiency measure recommended by a Home Energy Solutions Assessment must be completed such as:
Air or Duct sealing (above and beyond Home Energy Solutions Core Services for air and duct sealing)
Insulation upgrades as recommend by a Home Energy Solutions assessment
Other energy efficiency upgrades that are recommended as part of Home Energy Solutions assessment
SINGLE MEASURE ENERGY SAVING IMPROVEMENTS
4.99% loans from $2,500 to $20,000
High Efficiency Insulation
Must conform to current Home Energy Solutions requirements.
Water Heating Systems
ENERGY STAR® systems including heat pump water heaters (solar thermal is not eligible).
Advanced Air Sealing
Duct Sealing
HVAC Equipment
All components of an HVAC system (both heating and/or cooling equipment) must meet program guidelines
ENERGY STAR® Central A/C System* - 15 SEER / 12.5 EER
ENERGY STAR® Air to Air Heat Pump – 15 SEER / 12.5 EER / 8.5 HSPF
ENERGY STAR® Ductless Heat Pump*
2.99% loans from $7,000 to $20,000 4.99% loans from $2,500 to $6,999
ENERGY STAR® Geothermal Heat Pump*
4.99% up to $10,000, Standard EnergyLoan rate for balance to $20,000
Gas Boilers and Furnaces – 95% efficient AFUE with Electronic Commutated Motor (ECM)
Oil Boilers and Furnaces - 86% efficient AFUE with ECM (Boilers require temperature reset and purge controls
ENERGY STAR® Propane Furnaces*
Windows
Qualify if combined with at least one other energy savings initiative. (ENERGY STAR® or better only. Available only if single pane windows currently exist in the home).
* Must be listed on energystar.gov. Geothermal: Closed Loop Only - must meet CEEF VIP standards.