Smart-E Loan Special Offer Reduces Interest Rate for Residential Heat Pump Installations
Connecticut Green Bank’s loan program provides a special 4.99% rate for up to 10 years
Hartford, CT (October 20, 2025) – The Connecticut Green Bank, in partnership with EnergizeCT, participating local banks and credit unions, and contractors, is offering a limited time reduced interest rate on its Smart-E loan program for residential heat pump technologies, which includes air source heat pumps, ducted or ductless mini splits, geothermal heat pumps, and heat pump water heaters. Homeowners can take advantage of a 4.99% rate for loan terms of 5, 7 or 10 years. For homeowners at or below 60% of state median income, the rate is reduced to 2.99%.
The Smart-E loan provides financing up to $50,000 for 1-to-4-unit owner-occupied residential homes and condominiums (with individual electricity meters) in Connecticut. To receive this special rate, homeowners must be an Eversource or Avangrid customer (electricity or gas) and the project must have been approved for an EnergizeCT heat pump rebate.
“Nearly 10,000 homeowners in Connecticut have used Smart-E to reduce their energy costs, improve energy efficiency, or increase their home’s comfort,” said Bert Hunter, Chief Investment Officer at the Connecticut Green Bank. “We are grateful to our utility company partners for this opportunity to offer a great rate on these technologies.”
In addition to heating and cooling projects, the Smart-E loan can be used to finance more than 90 different home improvements related to energy efficiency, renewable energy, and resilience. This includes solar, insulation, windows, wells, septic, and health and safety upgrades.
For more information, including lists of participating contractors and lenders, please visit ctgreenbank.com/smart-e-heat-pump-special/.
About the Connecticut Green Bank
The Connecticut Green Bank was established by the Connecticut General Assembly in 2011 as the nation’s first state-level green bank and has since supported the creation of more than 30,000 green jobs in the state, while reducing the energy cost burden on over 71,000 families, businesses, and nonprofits. The Green Bank’s vision is a planet protected by the love of humanity and its mission is to confront climate change by increasing and accelerating investment into Connecticut’s green economy to create more resilient, healthier, and equitable communities. 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. To date, the Green Bank has mobilized more than $3 billion into the State’s green economy. This has reduced the energy costs for thousands of families and businesses, and reduced greenhouse gas emissions that cause climate change and worsen public health. In 2021, the Green Bank’s model was expanded to include new areas of environmental infrastructure, related to climate adaptation and resiliency, land conservation, parks and recreation, agriculture, water, waste and recycling, and environmental markets, including carbon offsets and ecosystem services.
For more information about the Connecticut Green Bank, please visit www.ctgreenbank.com.