Financing Energy-Efficient Home Improvements
So…you called 617-635-SAVE (7283)* and had your Home Energy Assessment (HEA). Now you are wondering how you can finance your energy efficiency projects. Together with rebates and incentives identified during your HEA, the Mass Save® HEAT Loan Program may help you.
At the end of your HEA, you should have received a HEAT Loan Intake Form with Section 1 completed. You also should have received a report that contains information about improvements to make your home more energy efficient. Review the report with your Home Energy Specialist and decide which measure(s) may save you the most energy.
The HEAT Loan Program allows eligible homeowners to apply for ZERO interest loans of up to $25,000, with terms up to 7 years, to finance improvements such as insulation and new heating systems. National Grid and Eversource gas and electric customers, like you, can apply for financing from this loan program.
Example HEAT Loan-eligible improvements:
- Attic, wall, and basement insulation
- High Efficiency Heating Systems
- Central Air Conditioning/ Air Source Heat Pumps
- Ductless Mini Split Heat Pumps
- High Efficiency Domestic Hot Water Systems
- Solar Hot Water Systems
- 7-Day Digital & Wi Fi Thermostats
- ENERGY STAR® Qualified Replacement Windows, only when upgrading from single-pane windows
What you’ll need to apply for a Mass Save® 0% HEAT Loan:
- HEAT Loan Intake Form
If you’ve already had a Home Energy Assessment, find the HEAT Loan Intake Form that you received at that time. The Energy Specialist should have completed Section 1 for you. Or call 617-635-SAVE (7283) and request a copy of your HEAT Loan Intake Form.
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- Signed contractor proposal
- Decide which improvement(s) you would like to move forward with.
- For insulation, there’s no need to get competing bids from multiple contractors because all Mass Save®-approved insulation contractors charge the same rate per square foot.
- For heating system replacement or other non-insulation projects, we recommend getting estimates from 2 or more licensed contractors who know the efficiency standards required to qualify for rebates.
- Select the contractor(s) you would like to hire.
- Complete and sign Section 2 of the HEAT Loan Intake Form.
- Submit the completed intake form, together with the signed proposal from the contractor, to Mass Save® for HEAT Loan approval.
- HEAT Loan Authorization Form
- Mass Save® will respond to your request for HEAT Loan approval (usually within a week of receiving your paperwork). If approved, they will provide a HEAT Loan Authorization Form.
- Congratulations! You can now take the Authorization Form to a participating lender and apply for a HEAT Loan.
Visit Mass Save® for videos and step by step instructions about applying for a HEAT Loan (and the Expanded HEAT Loan).
This is part 1 of a series. Part 2 in this series will cover the process of applying to a bank for a HEAT Loan. Part 3 will cover other sources of home improvement funds from the City of Boston.
* If you live in a building with more than 4 units, call 800-594-7277.