During the 2019-2021 Plan, Eversource will initiate a new financing mechanism to assist medium-sized businesses participating in the Business Energy Advantage program (part of the Energy Retrofits solution) gain access to low-interest financing. For the 2019-2021 Plan, the Companies will continue to work with the Connecticut Green Bank to introduce new recapitalization strategies that will help leverage energy efficiency funds with private capital. Additionally, the Companies and the Connecticut Green Bank will work together to offer a variety of third-party financing programs that offer low-interest financing. In 2019-2021, the Companies will continue to work with DEEP, the Energy Efficiency Board’s consultants, and the Connecticut Green Bank to identify program improvements, increase program participation, and reduce ratepayer costs. The Companies are also considering offering five-year loan terms to encourage comprehensiveness in energy efficiency projects. The goals of the Joint Committee, made-up of the Companies, DEEP, the Connecticut Green Bank, and the Energy Efficiency Board are detailed in Appendix C: Financing. Table 3-3: 2019-2021 C&I Energy Efficiency Financing Solutions Financing Loan Limits Terms Interest Rate Funding Source Product $500 to $100,000 (on-bill repayment for electric and natural gas measures) Small Business Energy Efficiency Fund, Max. 48 & Municipal 0% Utility Capital, and $500,000 per months Loan Third-Party Providers municipality/Eversource $100,000 per municipality/United Illuminating Medium-Sized Government TBD TBD TBD TBD Loan Up to $100,000 (2.99% or 4.99%) Commercial & Max. 60 $2,000 to $1,000,000 Third-Party Provider Industrial Loan months Greater than $100,000 (market interest rates) Over $150,000 for capital Typically, Low-interest financing improvements C-PACE 10 years with loan repayment on Third-Party Provider Under $150,000 for boiler or longer your property upgrades/natural gas conversions Electric Ratepayers Max. 1% below customer’s PURA Loan (funding through $1,000,000 and over 120 eligible rate or prime Federally Mandated months rate Congestion Charges)
During the 2019-2021 Plan, Eversource will initiate a new financing mechanism to assist medium-sized businesses participating in the Business Energy Advantage program (part of the Energy Retrofits solution) gain access to low-interest financing. For the 2019-2021 Plan, the Companies will continue to work with the Connecticut Green Bank to introduce new recapitalization strategies that will help leverage energy efficiency funds with private capital. Additionally, the Companies and the Connecticut Green Bank will work together to offer a variety of third-party financing programs that offer low-interest financing. In 2019-2021, the Companies will continue to work with DEEP, the Energy Efficiency Board’s consultants, and the Connecticut Green Bank to identify program improvements, increase program participation, and reduce ratepayer costs. The Companies are also considering offering five-year loan terms to encourage comprehensiveness in energy efficiency projects. The goals of the Joint Committee, made-up of the Companies, DEEP, the Connecticut Green Bank, and the Energy Efficiency Board are detailed in Appendix C: Financing. Table 3-3: 2019-2021 C&I Energy Efficiency Financing Solutions Financing Product Loan Limits Terms Interest Rate Funding Source Small Business & Municipal Loan $500 to $100,000 (on-bill repayment for electric and natural gas measures) $500,000 per municipality/Eversource $100,000 per municipality/United Illuminating Max. 48 months 0% Energy Efficiency Fund, Utility Capital, and Third-Party Providers Medium-Sized Government Loan TBD TBD TBD TBD Commercial & Industrial Loan $2,000 to $1,000,000 Max. 60 months Up to $100,000 (2.99% or 4.99%) Greater than $100,000 (market interest rates) Third-Party Provider C-PACE Over $150,000 for capital improvements Under $150,000 for boiler upgrades/natural gas conversions Typically, 10 years or longer Low-interest financing with loan repayment on your property Third-Party Provider PURA Loan $1,000,000 and over Max. 120 months 1% below customer’s eligible rate or prime rate Electric Ratepayers (funding through Federally Mandated Congestion Charges)
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