Interest Rate Buydown Program
Low Interest Loans
A low interest loan program is available for customer-side distributed resource projects of 50 kW or greater. The interest rate is subsidized so it will be 1% below the customer’s applicable rate or no more than the prime rate. The legislation for this customer-side distributed generation program is not only for installation of large customer-owned electric generation equipment, but also for conservation projects that reduce system demand. These particular energy conservation projects must meet all 3 of the following criteria to be qualified for this program:
- Must be saving electricity (not gas or oil savings measures);
- Town/municipality must be located in CL&P or UI territory; and
- Also, if projects received any monies/grants from CT Clean Energy Fund or Conservation Load Management Funds – these monies must be subtracted from the amount subsidized under this loan program.
The combination of the projects should be $1 million or greater after you subtract any monies received from other funding sources (CCEF, CL&M and CEEF).
For more information about the loan program and to submit your application, contact our financing representative at Banc of America: