Mass Save® Heat Loan

The Mass Save® Heat Loan, an Energy Efficiency Loan

A Mass Save® Heat Loan from Eastern Bank provides an interest-free loan of up to $50,000 to homeowners looking to improve the energy efficiency of their owner-occupied residence, whether by replacing drafty windows, upgrading an outdated heating system or more. At Eastern Bank, we do good things to help people prosper… See how a Mass Save® Heat Loan from Eastern Bank can make your home a bit cozier!

To start the application process, please call Mass Save® at (866) 527-SAVE to schedule a home energy assessmentCustomers need a Mass Save® Heat Loan Authorization Form with a valid expiration date at the time of application.  

For a Mass Save® Heat Loan from Eastern Bank exceeding $25,000, customers may also need to provide:

  • Proof of income
  • A copy of your most recent Real Estate tax bill
  • Proof of a minimum credit score of 720 for all borrowers
  • Asset statements to review: Minimum liquid assets equaling at least 6 times applicants(s) total monthly debts, including: mortgages, taxes insurance, loans, revolving debts, child support, etc.

Mass Save® Heat Loans are subject to credit approval.

Please note, non-owner occupied properties must submit applications through Eastern Bank’s Business Lending program.

 

How to Apply for a Mass Save® Heat Loan from Eastern Bank

Applying for a Mass Save® Heat Loan from Eastern Bank is easy:

 

Features & Benefits of a Mass Save® Heat Loan

A Mass Save® Heat Loan from Eastern Bank provides an interest-free loan to homeowners to make energy-efficient upgrades in their home, including heating equipment, central air conditioning, insulation and more.

  • Homeowners pay no interest for the life of the loan
  • Terms of up to seven years
  • Easy application process
  • Available rebates(1)
  • No collateral necessary

(1) Consult your tax advisor and the Mass Save® website for information about rebates and tax savings.

 

Mass Save® Heat Loan Rates

The Mass Save® Heat Loan is a 12- to 84-month loan for between $2,000 and $50,000(1) that carries a 0% APR and is available for 1- to 4-family owner-occupied residences in Massachusetts.

(1) Additional guideline restrictions for loan amounts greater than $25,000:

  • A minimum credit score of 720 is required for all borrowers.
  • Copy of real estate tax bill.
  • Minimum liquid assets equaling at least 6 times your total monthly payment on debts, including mortgages, taxes, insurance, car loans, revolving debts, child support, etc.

 

FAQs about the Mass Save® Heat Loan Program

1. What is Mass Save®?  

Mass Save® is an initiative sponsored by Massachusetts’ natural gas and electric utilities and energy efficiency service providers. They work to help residents and businesses manage energy and user-related costs.

2. What is the Heat Loan?

The Heat Loan is offered through the Mass Save program. It enables consumers to finance qualified home projects that improve the energy efficiency in their homes at zero interest for the life of the loan. Customers must first have a Mass Save home energy assessment to qualify for the loan. Loans are subject to lender approval.

3. What home improvements qualify for the Heat loan?

Some eligible services are:

  • Heating system replacement
  • Domestic hot water & solar hot water heaters
  • Central air conditioning and heat pumps
  • Insulation and replacement windows

For more information, visit the Mass Save® website.

4. How do I find out if my energy efficiency improvement qualifies?

To find out if your energy efficiency improvement qualifies for a Mass Save® Heat Loan, call Mass Save® at (866) 527-7283 to schedule a home energy assessment. Following the assessment, a Mass Save representative will let you know which improvements are eligible.

Or you can visit the Mass Save® website.

 

 

How to Apply for a Mass Save® Heat Loan from Eastern Bank

Applying for a Mass Save® Heat Loan from Eastern Bank is easy:

 

There will be a late fee if payments are not received on time.

Eastern Bank is a member of the Nationwide Mortgage Licensing System & Registry (NMLS); NMLS ID# 451827.