Connecticut Senate Bill SB00640

Connecticut 2011 Regular Session

• Introduced: 1/24/11
• Refer: 1/24/11

Caption

An Act Establishing A Low-interest Loan Fund For Residential Oil Tank And Furnace Replacements.

Impact

The introduction of this bill may significantly affect state laws related to energy efficiency and residential building codes. It could create a more conducive environment for homeowners to invest in modern heating systems, thus reducing dependence on oil and potentially lowering home heating costs in the long run. Furthermore, it aligns state goals with environmental initiatives focused on reducing carbon emissions through better energy practices. Improved heating systems could also provide economic benefits by promoting local businesses involved in the sale and installation of such equipment.

Summary

SB00640 proposes the establishment of a low-interest revolving loan fund aimed at financing the replacement of residential oil tanks and furnaces. This initiative is designed to encourage homeowners to upgrade their heating systems, which can lead to improved energy efficiency and reduced environmental impact. By providing accessible funding options, the bill aims to alleviate the financial burden associated with replacing outdated or failing heating systems, a critical infrastructure for many homes.

Contention

While SB00640 has the potential to bring about positive changes, some discussions around its implementation may arise, particularly concerning the management of the loan fund and eligibility requirements for homeowners. There may be debates on ensuring equitable access to these funds, especially in lower-income communities that might struggle with upfront costs even with low-interest options. Legislators could also express concerns about the long-term sustainability of the fund and the possible impacts of fluctuating energy prices on homeowners' ability to repay loans.