Connecticut Green Bank increases loan maximums to finance more comprehensive renewable energy projects
Connecticut Green Bank is pleased to announce updates to its Smart-E loan program, designed to help more homeowners access low-interest financing for energy-saving technologies. The maximum loan amount will increase from the standard maximum of $40,000 to $50,000, and up to $75,000, subject to approval by the lending partner. This increase will allow for the installation of more comprehensive, more expensive home improvements such as geothermal heat pumps and solar photovoltaic systems with battery storage.
Celebrating its tenth anniversary in 2023, the Smart-E loan program has helped more than 7,000 families and provided more than $110 million in loans.
“In recent years, we’ve seen the average loan amount in the Smart-E portfolio increase as homeowners look for comprehensive designs and higher installation costs related to inflation, supply chain and labor,” said Brian Garcia, Green’s president and CEO. : Bank. “The change in the maximum loan amount provides greater access to low-interest financing for these energy-saving projects.”
Smart-E loans are provided through a network of local community banks, credit unions and community development financial institutions. More than 300 contractors participate in the program to serve communities across the state, offering services that include more than 40 energy-related improvements, including insulation, windows, solar, battery storage and air source and geothermal heat pumps.
In another update to the program, Smart-E lenders will now be able to provide credit up to a 580 FICO score, down from the previously set minimum of 640. This will help expand the program to homeowners with lower credit scores.
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