Do I Qualify for any Solar Loans in Connecticut?

by | Oct 20, 2020 | Solar Panels

Solar loans are valuable financing options to maximize the savings of acquiring a solar energy system. As with any loan, you need to analyze the number of repayments, including the cost-savings from going solar. Most often, the repayments can be much lower than the financial gains of embracing the solar lifestyle. That said, let’s discuss the solar loans available in Connecticut.

Smart-E Loans

The expenses that occur during home improvements, including acquiring solar PV systems, can be reduced through Smart-E loans. This financing option provides 4.49% to 6.99% interest rates for up to $40,000 loans.

You can still benefit from non-listed work as long as it’s directly associated with installing the listed project. For example, if roof repair and tree removal are necessary for solar installation, these can be capped at 25% of the total amount.

Here are the loan terms and Annual Percentage Rates (APR) or interests to familiarize you with their offering.

Loan Term

  • 5 years
  • 7 years
  • 10 years
  • 12 years


  • 4.49%
  • 4.99%
  • 5.99%
  • 6.99%

*The minimum loan size is $5,000.

Eligibility Requirements

To qualify, applicants must occupy a single 2-4 unit in Connecticut with at least a 580 credit score. Those who intend to borrow up to $25,000 must at least have a credit score of at least 640. It is integral to have the project schedule before receiving the loan documents from C4C. Otherwise, those home improvement projects underway or completed cannot be eligible for this loan.

Eligible Home Improvement Projects

Home maintenance and home improvement projects eligible for Smart-E loans include:

  • Attic, wall, or floor insulation
  • Duct sealing
  • Air sealing
  • Window replacement
  • Air source/ground source heat pump
  • Central air conditioning
  • Ductless mini-split heat pump
  • High-efficiency furnace / boiler
  • Natural gas fuel conversion
  • Heat pump water heater
  • Indirect water heater (natural gas only)
  • On-demand tankless water heater (Natural gas/Propane only)
  • Solar PV system
  • A solar hot water system
  • Electric vehicle recharging station
  • Natural gas vehicle refueling station

Energy Conservation Loan

The Energy Conservation Loan (ECL) Program lends up to $25,000 to eligible applicants. These are for “emergency efficiency improvements” that you can pay for up to 10 years.

Eligibility Requirements

ECL can accommodate income-qualified consumers for cost-saving, energy-efficient home improvements. Low- and moderate-income families of 1-4 units can use $400 to $25,000 with low-interest rates. Payment structures can last for up to 10 years. You can also get as low as 0% interest rates for high-efficiency boilers and furnace projects.

Eligible Emergency Efficiency Improvements

The emergency status must be declared by a professional contractor to be eligible for this loan. Only the participating C4C contractors can facilitate efficiency improvements.

Here are the qualified emergency efficiency improvements applicable to this loan.

  • Replacement of the faulty heating system: interest rates can go as low as 0%. This option is for furnaces and boilers that have below 84% efficiency rating for oil or propane. Ratings are according to ENERGY STAR® standards.
  • Replacement of leaking roofs: to make way to install solar panels, all rooftops must be sealed.

You cannot be eligible for this loan if you already qualified for other loan programs like the Smart-E loan. Therefore, it would be better to apply for other loans before considering ECL. However, you can use the ECL loan first to finance emergency efficiency improvements in your home to lower the overall electricity use of your home. After completing these projects, you can then utilize a Smart-E loan to finance your solar system.

For more information, please go to Green Power Energy.

Latest Articles