Mass Save Financing for Residential Customers
I just got off the phone with my uncle. Since the original publishing of this article on December 16, 2011, he has paid off his MassSave Heat Loan and still loves the efficiency he gets from the furnace they recommended at this Home Energy Assessment!
My uncle lives in a circa 1790 farmhouse in Williamstown, MA. It's one of those rustic old American houses that started as little more than a cabin and was added to over the years to become a large, beautiful house. Though beautiful, the house was grossly inefficient regarding heat.
Finding himself using up to 2000 gallons of fuel oil to heat his home each year, my uncle sought a better solution. He called Mass Save and scheduled a free energy audit on his house. He gloomily assumed they would tell him that he would need to replace his windows and reinsulate the whole house – at great cost. But he was surprised to learn during the audit that windows and insulation weren’t the major cause of his massive fuel oil consumption. It was an inefficient furnace. He qualified for a 7 year, interest free loan with Mass Save financing and replaced his inefficient furnace. This change immediately cut his fuel oil consumption by one third! At today's prices, he is saving over $2,300 per year on fuel oil. That is being money wiser!
If you are a Massachusetts residential customer, you may qualify for Mass Save's interest-free loan program to help you make energy efficiency improvements.
Through the Mass Save Residential HEAT Loan Program, residential customers are eligible to apply for 0% loans up to $25,000 with terms up to seven years.
The HEAT Loan is available to help with the cost of installing qualified energy-efficient improvements in homes or rental properties.
Eligible improvements may include:
- Installation of high efficiency heating and domestic hot water equipment
- Solar hot water systems
- ENERGY STAR® qualified replacement windows
- Weatherization measures
Efficiency Programs for Business
Business customers, including non-profits and multi-family complexes with five or more dwelling units also have the opportunity to apply for interest-free loans up to $500,000 with terms up to seven years.
Financing is made available through the Mass Save Financing Program to assist with the installation of qualified energy-efficient improvements. The newly expanded Mass Save business loan programs make it easier for businesses to secure funding for energy efficiency-related capital improvements.