Thanks to the extensive incentives and programs available to you in Connecticut, you can install a solar system for your house for zero dollars down through multiple loan programs. These programs offer low cost financing with minimal to no upfront costs so you can get away from the pricey CT utilities. The options for you to receive zero dollar down financing through programs in Connecticut include:
- Residential Solar Investment Program
- Energy Conservation Loan
- Smart-E Loans
Connecticut Residential Solar Investment Program
The Connecticut Residential Solar Investment Program offers incentives based on how much electricity your solar system will generate. On any system up to 10 kilowatts per year, they offer $0.463 per watt generated. This financing is through the Connecticut Green Bank who pays their incentive directly to your eligible contractor. For any system that will generate between 10 kilowatts and 20 kilowatts, they offer $0.40 per watt generated. This means if your planned system generates 15 kilowatts, you receive an incentive of $6,630 towards your solar installation. Through this program alone you can offset a major portion of your upfront costs. While this program reduces your costs, it likely will not pay for your entire solar installation so many individuals still seek $0 down solar loans.
Energy Conservation Loan
While the Connecticut Energy Conservation Loan is typically reserved for emergencies, qualifying families can receive $0 down solar loans with interest rates between zero percent to three percent. You can borrow as much as $25,000 through this loan program with payment plans extending as far as ten years. This low interest and no down payment loan makes for a great way to get your solar installation off the ground for qualifying parties.
When you combine an Energy Conservation Loan with the Connecticut Residential Solar Investment Program, you can pay for an entire solar installation with $0 down and minimal interest rates. However, they do require a small recording fee of between $60 to $75. Even though this loan requires you to prove your eligibility, they offer the lowest interest rates for a $0 down loan.
Another great option to finance your solar installation in Connecticut is through a Smart-E Loan. These loans offer $0 down, low interest financing for up to $40,000. They offer repayment plans from five years to twelve years depending on your needs. While they generally carry higher interest rates than Energy Conservation Loans, they offer higher maximum amounts and easier approvals. Just about anyone can qualify through a local lender to receive financing today.
When using a Smart-E Loan, you can also finance other energy saving projects like upgrading your windows to energy efficient ones. This allows you to get the most out of your solar installation by allowing you to take on other energy saving projects at the same time. So, if you’re looking to complete more energy saving projects than just a solar installation, a Smart-E Loan would be perfect for you.
Please visit Green Power Energy for more information.