Section 135-G. Financing

1. Where any home conservation plan is approved by
  the  commission  and  requires  utility  financing,  any such plan shall
  provide that upon  entering  into  a  financing  contract  and  security
  agreement  with  an  eligible customer, the utility shall reimburse such
  eligible customer, or pay directly to an  authorized  contractor  and/or
  supplier  a  sum  of  money  to  cover  the  costs  of installing energy
  conservation measures, subject  to  the  maximum  amount  set  forth  in
  subdivision  four  hereof.  Such sum shall be referred to as "the amount
  financed".
    2. Any such home conservation plan shall contain several  options  for
  period  of  repayment;  provided,  however, the maximum repayment period
  shall be seven years and it shall be offered in each plan.
    3. Each participant shall  repay  to  the  utility  the  total  amount
  financed  plus  allowable  interest  charges  on  such  amounts, through
  charges separately set  forth  and  identified,  on  such  participant's
  periodic bill for gas or electric service from the financing utility, or
  may be separately billed as provided in the plan.
    4.  The  total  amount  financed by a participant shall not exceed two
  thousand five hundred dollars in the case of a single family home, three
  thousand five hundred dollars in the case of a  two  family  home,  four
  thousand  dollars  in the case of a three family home, and four thousand
  five hundred dollars in the case of a four family home.
    The total amount financed  by  a  participant  for  paragraph  (j)  of
  subdivision  four  of  section one hundred thirty-five-b of this chapter
  shall not exceed four thousand dollars in the case of  a  single  family
  home,  five  thousand  dollars  in  the  case of a two family home, five
  thousand five hundred dollars in the case of a three  family  home,  and
  six thousand dollars in the case of a four family home.
    5.  In  the event an eligible customer takes both electric service and
  gas service  from  different  utilities,  the  customer  may  choose  to
  participate  in  one  plan  offered  by  either  the  gas company or the
  electric company, but not both. The total amount financed  shall  become
  an  added  portion  of  the  bill from the one utility in whose plan the
  customer participates and shall become a debt due such utility.
    6. Any financing utility shall be entitled to  receive  interest  from
  each  participating,  eligible  customer  on the amount financed by that
  customer at a maximum  rate  to  be  determined  by  the  commission  in
  approving  the  utility's  home  conservation  plan.  In determining the
  maximum rate of interest, the commission  shall  consider  the  cost  of
  borrowing  to  the  utility  from  all  available  sources,  the cost of
  financing generally available to potential participating customers  from
  other  sources, the maximum use of funds available to a utility, efforts
  by the utility to minimize interest costs, and shall endeavor to set the
  rate in a manner  which  will  assist  customers  in  installing  energy
  conservation measures at the lowest possible cost. In no event shall the
  interest  rate  exceed the overall rate of return awarded to the utility
  in its last general rate case. The commission and any financing  utility
  shall  develop  and adopt means for minimizing the cost to utilities for
  providing financing under this article.
    7. In adopting any such home conservation plan  the  commission  shall
  set  maximum  aggregate  amounts  to  be available for financing by each
  utility in the year of its plan.