CT SB00451

Establishes a residential heating furnace and boiler replacement financing program administered by electric distribution companies, effective June 1, 2012.

Limits program loans to 80% of total installed costs, with loan terms set at the lesser of simple payback plus two years or ten years, requiring annual cost savings exceed total financing costs.

Requires replacement furnaces or boilers to meet or exceed federal Energy Star efficiency standards to qualify for the program.

Program loan repayments are made through monthly charges on customer electric bills, with costs recovered through the systems benefits charge and defaulting customers subject to electric service termination.

Allows apartment residents to participate if they meet requirements and the building owner or landlord pays at least 20% of replacement costs; program loans transfer with subsequent electric service account holders and may be secured with liens on property.