Published December 20. 2011 11:45AM Updated December 20. 2011 11:47AM
NEW HAVEN & BRIDGEPORT, Conn. — Dec. 19, 2011 — UIL Holdings Corporation (NYSE: UIL) and People’s United Bank are teaming up to help Connecticut households convert to affordable and environmentally friendly natural gas heat.
Through an affinity financing program, People’s United is offering personal loans at attractive rates to households within the service territories of Connecticut Natural Gas Corporation and The Southern Connecticut Gas Company, both UIL subsidiaries.
The loans are intended to help customers finance the cost to convert from oil to natural gas heat, which burns cleaner than oil and offers significant fuel cost and price stability advantages.
“The terms of this affinity financing program are very favorable and offer consumers affordable financing with a local lender that has 170 years of experience and a commitment to Connecticut and its communities,” said Wayne Walker, senior vice president of residential and consumer lending for People’s United Bank.
“We are pleased to work with People’s United Bank to help consumers who want to reduce their home heating costs by converting from oil to natural gas at a time when homeowners are looking at every aspect of their household expenses,” said Tony Marone, vice president of Business Services for UIL Holdings. “Energy costs related to home heating can be the largest part of a family’s budget. The affinity financing program can allow them to include the cost of conversion in their budgets, and in many cases, the savings from conversion to natural gas will pay for the cost of financing.”
For more information on natural gas conversion call: 866-GAS-2888.
About UIL Holdings Corporation: Headquartered in New Haven, Connecticut, UIL Holdings Corporation (NYSE:UIL) is a diversified energy delivery company serving more than 700,000 electric and natural gas utility customers in 66 communities across two states, with combined total assets of over $4 billion.
UIL is the parent company of The United Illuminating Company (UI), Connecticut Natural Gas Corporation (CNG), The Southern Connecticut Gas Company (SCG), and The Berkshire Gas Company (BGC), each more than 100 years old. UI provides for the transmission and delivery of electricity and other energy related services for Connecticut's Greater New Haven and Bridgeport areas. SCG and CNG are natural gas distribution companies that serve customers in Connecticut, while Berkshire Gas serves natural gas customers in western Massachusetts. UIL employs more than 1,850 people in the New England region.
About People’s United Bank: People's United Bank is a subsidiary of People's United Financial, Inc., a diversified financial services company with $27 billion in assets. People’s United Bank, founded in 1842, is the largest independent bank headquartered in New England and provides commercial and retail banking, as well as wealth management services through a network of approximately 375 branches in Connecticut, Massachusetts, Vermont, New York, New Hampshire and Maine. Through its subsidiaries, People's United Financial provides equipment financing, brokerage and insurance services.