Low-rate financing combined with increased incentives makes heat pump installation more attractive
Rocky Hill, CT (Sept. 22, 2020) – Did you know that heat pumps are a great way to keep your home cool and enhance your home’s air quality? According to the Northeast Energy Efficiency Partnerships (NEEP) “Air Source Heat Pump Buying Guide,” heat pumps are the best choice when trying to your reduce carbon footprint as well as filtering or dehumidifying air in your home.
Now, with summer’s heat fading and Connecticut residents looking to keep their home’s warm and improve home air quality and filtration, homeowners can address these concerns by taking advantage of heat pump technology and low-rate financing through the Energize CT Smart-E loan. Offered through the Connecticut Green Bank, select local banks and credit unions, and a network of contractors, this special limited-time Smart-E loan offer provides 2.99% financing for 5-, 7- and 10-year terms on new heat pump installations. Standard rate Smart-E Loans (4.49% – 6.99%) can be used to finance energy improvements including solar, windows, heating and cooling and other energy efficiency measures.
“When we design a special Smart-E offer, we have a number of goals in mind,” said Bryan Garcia, President and CEO of the Connecticut Green Bank. “We want to support state policies to reach environmental targets, and we want consumers to save energy and money. We also want to give our clean energy contractors resources as the green energy economy begins to recover from the impact of the COVID-19 pandemic.”
This special offer was designed to support Connecticut’s climate change plan which aims to reduce greenhouse gas emissions by 45 percent by 2030, and encourage adoption of energy-efficiency technologies such as air source heat pumps, ground source heat pumps, and heat pump water heaters to decarbonize buildings.
“People often forget that heat pumps can perform like an air conditioning unit in the warmer months,” said Ryan F. Murphy of Ryan F. Murphy Heating and Cooling LLC in New Milford, one of the Green Bank’s “top performer” Smart-E contractors in recent years. “Heat pumps are typically twice as efficient as window units, and more efficient than conventional central AC also. In colder months, operating costs of heat pumps generally beat homes heated with oil or electric baseboard.”
“Technological advancements in recent years have greatly improved this type of heating and cooling, and we’re currently seeing thousands of cold-climate heat pumps being installed at high rates of customer satisfaction,” said Derek Koundakjian, NEEP Buildings and Technologies Associate. “On top of being highly efficient machines with a lighter carbon footprint, heat pumps effectively filter and dehumidify air, improving air quality and comfort of your home year-round.”
Smart-E borrowers must have an Energize CT Home Energy Solutions (HES) program energy assessment of their home completed to qualify for the loan. Currently, all HES assessments are available to eligible customers at no-cost. The program is also offering up to 100% off approved insulation projects recommended during the assessment.
Learn more about this special offer at https://www.ctgreenbank.com/smarteheatpump
About the Connecticut Green Bank
The Connecticut Green Bank was established by the Connecticut General Assembly in 2011 as the nation’s first green bank. The Green Bank’s mission is to confront climate change and provide all of society a healthier, more prosperous future by increasing and accelerating the flow of private capital into markets that energize the green economy. This is accomplished by leveraging limited public resources to scale-up and mobilize private capital investment into Connecticut. In 2017, the Connecticut Green Bank received the Innovations in American Government Award from the Harvard Kennedy School Ash Center for Democratic Governance and innovation for their “Sparking the Green Bank Movement” entry. For more information about the Connecticut Green Bank, please visit www.ctgreenbank.com
NEEP was founded in 1996 as a non-profit whose mission is to serve the Northeast and Mid-Atlantic to accelerate regional collaboration to promote advanced energy efficiency and related solutions in home, buildings, industry, and communities. Our vision is that the region’s homes, buildings, and communities are transformed into efficient, affordable, low-carbon resilient places to live, work, and play. For more information about NEEP, please visit www.neep.org