Does NPU’s 0% Loan Program work for your business?
Qualified commercial customers of NPU can secure zero-percent financing for their efficiency projects, making improvements that will reduce energy costs every month. LED lighting projects are eligible for a rebate of 25% of the project costs.
And here’s the best part: you pay the principle on your loan – NPU pays the interest.
To participate in NPU’s 0% Loan Program, Commercial or Industrial customers must meet the following qualifications:
- Your project must be reviewed and approved by NPU’s Efficiency Team
- You must secure financing with one of our local, partner banks
- Charter Oak Credit Union
- Dime Bank
- Community Economic Development Fund
- Chelsea Groton Bank
- Eastern Savings Bank
- Savings Institute Bank & Trust
- The terms of your loan must be for seven years or fewer.
Customers participating in NPU’s 0% Loan Program can apply their monthly energy savings toward their loan.
Six Simple Steps for NPU’s 0% Loan Program
- Contact Contact Mary Lou Rychling, Program Office Manager at 860.823.4143 or at firstname.lastname@example.org. NPU must approve the scope of your project and calculate the projected energy savings and timeframe for the repayment of your loan (seven years or fewer).
- Select one of our local lending partners. NPU has partnered with a number of local financial institutions who are very familiar with this program.
- NPU reviews your project. Once you have selected a local lender and started the loan application process, NPU will confirm the scope and schedule of your project.
- Schedule an inspection with NPU. Once your project is complete, NPU must do a final inspection to confirm your project meets all of the terms and conditions of our agreement.
- With the successful completion of your project, NPU will provide a rebate check, which can be applied directly to the cost of your project. LED lighting projects are eligible for rebates of 25% of the cost of your project.
- Loan released to the customer. NPU will notify your lending partner that the project loan can be released:
- The customer will be billed monthly for the payment of the principle of the loan
- NPU will be billed annually for the payment of the interest of the loan.
For more information, contact Mary Lou Rychling at 860.823.4143 or at email@example.com.