Please read through the sections below to learn more about the Smart-E loan.
General Program Questions
What is a Smart-E loan?
A Smart-E loan is an unsecured, fixed rate loan (available for 1-4 unit owner-occupied homes) that assists homeowners with financing over 90 home energy and resiliency-related improvements.
What is the Smart-E Loan Process?
- Choose a pre-approved contractor
- Apply for Smart-E Loan pre-approval with a participating lender
- Contractor submits project to Green Bank for review
- Lender closes loan, issues first 1/3 payment
- Contractor completes project, submits final docs
- Green Bank approves release of final funds
- Lender issues final payment to contractor. (Optional survey and inspection becomes available)
How long does the Smart-E process take?
The process can vary depending on the type of project. However, many go from application to loan closing in less than a week’s time, with some taking as little as a day.
What can I finance with Smart-E?
There are over 90 different measures available that can be financed with Smart-E.
What if I do not see my project on your list?
Our list of eligible projects is always expanding. If you believe your project contributes to the energy efficiency of your home, please contact us.
What if my project does not meet your technical requirements?
Equipment requirements ensure efficiency standards and align with state/local rebates. Contact us for extenuating circumstances.
I need to complete additional work to install the Smart-E equipment, can I include it?
Possibly! If work needs to be completed for the energy efficient measure to be installed, this may be included in the 25% of the related project costs section.
Am I required to put any money down for my project?
As long as a homeowner’s pre-approved Smart-E Loan covers the total project amount they will not need to put any money down.
Can I use rebates or another loan product with my Smart-E loan?
Yes! Smart-E loan financing does not prohibit a homeowner from qualifying for additional programs, rebates, incentives, etc.
I have a question regarding my rebate.
The Smart-E program does not handle or approve any rebate questions. Please reach out to your contractor, utilities or energizect.com.
What role does the Connecticut Green Bank or Smart-E team play in the financing process?
The Connecticut Green Bank Smart-E team is the program administrator. We prioritize project facilitation along with the vetting and compliance of contractors and post installation inspections.
Who is responsible for the Smart-E program?
The Smart-E program is administered by the Connecticut Green Bank, a quasi-state agency.
If I get approved for and accept a 10-year term Smart-E loan and I sell the house before the end of 10-years, can the new owner assume the remaining balance on the loan?
No. A Smart-E loan is not transferable from the seller to the buyer during the sale of a home.
Contractor Related Questions
Can I use my own contractor?
More than 300 contractors across the state are currently offering the Smart-E loan for various projects.
What is required to be a contractor?
All Smart-E contractors must be properly licensed and insured for the work being performed.
How is my contractor paid?
Your lender will pay your contractor directly. One-third of the loan amount will be disbursed at loan closing, while the final two-thirds of the loan amount will be paid by your lender to your contractor after project completion.
I am having an issue or disagreement with my contractor, what should I do?
All installation contracts are between the homeowner and contractor, and every attempt should be made to resolve the dispute between these two parties.
I smell gas from my installation. What should I do?
Immediately call the gas company for them to inspect your project. Also be sure to follow up with your contractor.
Is an inspection required after (or for) my installation?
All contractors have periodic inspections performed on their installations at random to ensure compliance with the program.
Lender Related Questions
What lenders are available?
You can find the participating lenders here.
Can I use my own lender?
No, you must use one of the approved, participating lenders.
With whom do I complete my loan paperwork?
You will complete your loan paperwork with one of the approved, participating lenders.
When is my first loan payment due?
Your loan paperwork should have this date listed. If you have any additional questions, please contact your lender directly.
Where do I make my loan payments?
Your loan payments are made directly to the lender you signed your loan documents with.
I have not heard from my lender about closing the loan. What should I do?
Please feel free to reach out to your lender at any time for an update on your Smart-E loan.
My lender informed me they have not received the approval to close the loan. What does that mean?
This most likely means your contractor is still in the process of submitting your project to the Connecticut Green Bank for review.
It's easy to get started!
If you are in the early stages of planning, or if you have a project in mind, we can make the process an easy one.