Low Cost Energy Efficiency Loans

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Financing Options for Businesses

ACCION USA

Accion offers small business loans for both green businesses and energy efficiency projects. The organization will guarantee its lowest interest rate (8.99 percent) for loans used for energy efficiency investments or to provide a green product or service. The maximum loan amount is $50,000 with a five-year term. Contact Information Website: Accion Phone: 617-616-1582

BOSTONIA PARTNERS, LLC

Bostonia has established Bostonia Clean Energy Finance, LLC to provide funding for businesses, governments, and non-profit institutions taking part in clean energy projects. Bostonia will arrange financing at the optimal price for borrowers. Contact Information Website: Bostonia

CAMBRIDGE SAVINGS BANK

Cambridge Savings Bank offers affordable fixed-rate term loans of up to five years and lines of credit. Visit the bank’s website or stop by your local banking center. Contact Information Website: Cambridge Savings Bank Phone: 617-234-7250 Central Square Branch: 630 Massachusetts Avenue Harvard Square Branch: 1374 Massachusetts Avenue Inman Square Branch: 1378 Cambridge Street

MASS DEVELOPMENT

MassDevelopment's Green Loan program offers loans from $50,000-$100,000 to non-profit organizations and businesses. Loans are intended to help bridge the gap between project costs and utility rebates or subsidies. Businesses must have been in existence for at least five years and demonstrate ability to repay the loan. Potential borrowers must first complete an application for an energy efficiency program rebate through Mass Save. Contact Information Website: MassDevelopment

NEW GENERATION ENERGY

New Generation Energy (NGE) offers low-interest loans to small businesses and non-profit organizations through its Community Lending Program (CLP). Typical CLP loans are in the range of $10,000 to $50,000 at a five percent interest rate, and have terms of one to five years. Primary funding areas for the CLP program include community-scale solar projects and food service energy efficiency improvements, but other projects that support the program's mission to create healthy and sustainable communities qualify. Contact Information Website: New Generation Energy

Financing Options for Non-Profit Organizations

ACCION USA

Accion offers loans for both green businesses and energy efficiency projects. The organization will guarantee its lowest interest rate (8.99%) for loans used for energy efficiency investments or to provide a green product or service. The maximum loan amount is $50,000 with a five-year term. Contact Information Website: Accion Phone: 617-616-1582

BOSTON COMMUNITY CAPITAL

Boston Community Capital’s Loan Fund supports the development of energy efficient affordable housing. In addition, BCC's Solar Energy Advantage (SEA) program develops fixed-price power purchasing agreements for affordable housing projects. The SEA initiative has made Boston Community Capital the largest non-utility owner of Solar PV systems in Massachusetts.

BOSTONIA PARTNERS, LLC

MASS DEVELOPMENT

NEW GENERATION ENERGY

New Generation Energy offers low-interest loans to small businesses and non-profit organizations through its Community Lending Program. Typical CLP loans are in the range of $10,000 to $50,000 at a five percent interest rate, and have terms of one to five years. Primary funding areas for the CLP program include community-scale solar projects and food service energy efficiency improvements, but other projects that support the program's mission to create healthy and sustainable communities qualify. Contact Information Website: New Generation Energy

Residents

MASS SAVE HEAT

The Mass Save HEAT Loan by NSTAR, in collaboration with the state and other utilities, offers a no-interest loan program for both owner-occupied and non-owner-occupied buildings with 1-4 units. Condominium complexes, 5+ unit apartment complexes, and commercial and industrial businesses are now eligible for a HEAT Loan through the NSTAR Commercial and Industrial Loans and 5+ multi-family program. For more information please call 800-594-7277 or visit the Mass Save 5+ Multifamily website. [table id=2 /] Maximum loan amounts can vary by participating lender. To apply for the loan, the applicant must obtain a Mass Save Home Energy Assessment. To sign up for an assessment, please visit the Energy Assessment sign-up page. Participating HEAT Loan lenders in Cambridge partnering with MassSave include this list.

CAMBRIDGE SAVINGS BANK

Cambridge Savings Bank offers Home Equity lines of credit and secured Home Equity Loans for home improvement projects. The loan amounts are between $25,000 and $250,000. APR begins at 5% for 60 month terms and increases to 6.25% for 240 month terms. Consumer home improvement loans are offered as well, with a $10,000 maximum for 60 or 120 months. APR ranges from 9.5% to 11% based on term length. Visit the Cambridge Savings Bank website, or stop by your local banking center for more information. Contact Information Website: Cambridge Savings Bank Phone: 617-234-7250 Central Square Branch: 630 Massachusetts Avenue Harvard Square Branch: 1374 Massachusetts Avenue Inman Square Branch: 1378 Cambridge Street

CITIZENS BANK

Citizens Bank offers an unsecured Energy Efficiency Loan for low-to-moderate income homeowners or homeowners that live in moderate-income tracts. Energy Efficiency Loans are available at 3% APR for energy conservation projects up to $3,000 and 5% APR for energy conservation projects up to $10,000. Loan terms are typically 12-84 months. Residents must present a contractor evaluation for energy efficiency installations in order to qualify through the Community Reinvestment Act. Citizens Bank does not restrict the number of units in a building receiving an Energy Efficiency Loan. Contact Information Website: Citizens Bank Central Square Branch: 689 Massachusetts Avenue (617-779-2700) Harvard Square Branch: 6 JFK Street (617-868-4900) Kendall Square Branch: 141 Portland Street (617-374-1550)

EAST CAMBRIDGE SAVINGS BANK

Aside from its opportunities through the MassSave HEAT Loan, East Cambridge Savings Bank also offers owners of 1-6 family owner-occupied properties unsecured Energy Efficiency Loans for projects up to $25,000. The Bank is offering these loans at special rates to qualified borrowers. Loan applicants must obtain a Mass Save Home Energy Assessment. Secured loans are also available. To apply, stop by any of the three East Cambridge Savings Bank branches located in Cambridge or visit the ECSB website. Contact Information Website: East Cambridge Savings Bank Phone: 617-551-2453 Main Office: 292 Cambridge Street Inman Square Office: 1310 Cambridge Street Mass Ave Office: 2067 Massachusetts Avenue

FEDERAL HOUSING ADMINISTRATION ENERGY MORTGAGE PROGRAM

The Federal Housing Administration (FHA) offers an Energy Mortgage Program to help homebuyers and homeowners finance the cost of adding energy efficiency features to a new or existing house as part of a refinancing mortgage. The mortgage loan is funded by a separate lending institution, but is insured by the U.S. Dept. of Housing and Urban Development as well as the Federal Housing Administration. This encourages lenders to make credit available to borrowers who would not otherwise qualify for conventional loans on affordable terms. The cost of the energy improvements and estimate of the energy savings must be determined by a home energy rating system (HERS) or an energy consultant. In order to qualify, applicants must meet standard FHA credit qualifications. The borrower must be able to finance an upfront (3.5%), as well as annual, premium. The property must be between 1 and 4 units. Contact Information Website: The FHA Resource Center Phone: (800) CALL-FHA or (800) 225-5342 Continue to Energy Assessment Options…