There are options available to help you finance your energy upgrades.

No Interest Mass Save HEAT Loans for Home Improvements

The Mass Save HEAT Loan by Eversource, 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. Here is user-friendly guide to securing a Mass Save HEAT loan. Condominium complexes, 5+ unit apartment complexes, and commercial and industrial businesses are now eligible for a HEAT Loan through the Eversource Commercial and Industrial Loan program. For more information, please visit our page on business financing or see the Mass Save website for businesses, multi-family, and non profits.

Eligible CustomerLoan TypeLoan AmountLoan Term
Owner OccupiedMicro Loan$500 - $2,00024 Months
Owner Occupied1-4 Unit Standard Loan$2,001 - $25,000Up to 84 Months
Non-owner Occupied1-4 Unit Rental Property Loan$5,000 - $25,000Up to 84 Months
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.

See this list for all of the Mass Save HEAT Loan lenders available to Cambridge Residents.

The participating HEAT Loan lenders with offices in Cambridge are:

  • Century Bank
  • Century Bank offers secured and unsecured no-interest loans up to $25,000 for 1-4 unit owner occupied and non-owner occupied dwellings. Call or visit their Cambridge location to find out more.

    Contact Information
    Website: Century Bank
    Phone: 781-393-5082
    Cambridge Office: 2309 Massachusetts Avenue,

  • East Cambridge Savings Bank
  • East Cambridge Savings Bank offers unsecured no-interest loans up to $25,000 for 1-4 unit owner occupied and non-owner occupied dwellings. Call or stop by one of their Cambridge locations to find out more.

    Contact Information
    Website: East Cambridge Savings Bank
    Phone: 866-354-3272
    Main Office: 292 Cambridge Street
    Inman Square Office: 1310 Cambridge Street
    Mass Ave Office: 2067 Massachusetts Avenue

  • Eastern Bank
  • Eastern Bank offers secured and unsecured no-interest loans up to $25,000 for 1-4 unit owner occupied and non-owner occupied dwellings. Call or visit one of their Cambridge locations to find out more.

    Contact Information
    Website: Eastern Bank
    Phone: 800-327-8376
    Kendall Square Office: One Broadway
    Central Square Office: 647 Massachusetts Avenue
    Harvard Square Office: One Brattle Square
    Fresh Pond Mall Office: 176 Alewife Brook Parkway

  • Naveo Credit Union
  • Naveo Credit Union offers no-interest secured loans of up to $15,000 and unsecured loans of up to $25,000 for 1-4 unit owner occupied and non-owner occupied dwellings. Depending on the loan and your credit history, some fees may apply. Call or visit their Cambridge location to find out more.

    Contact Information
    Website: Naveo Credit Union
    Phone: 617-702-5101
    Cambridge Office: 251 Hampshire Street

Other Financing Options

  • Federal Housing Administration Energy Efficient Loans
  • The Federal Housing Administration (FHA) offers an Energy Mortgage Program to help home buyers and homeowners finance the cost of adding energy efficiency features to a new or existing house. The program can be used when purchasing an FHA insured home or when refinancing your current mortgage loan. 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

  • 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. The building must be 1 to 4 units and renters do not qualify. Call or stop by a branch for more information.

    Contact Information
    Website: Citizens Bank
    Phone Number: 800-340-5626
    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)

Solar Loans

Check out the Massachusetts Clean Energy Center to learn more about their solar loan options. Mass Solar Loans allow homeowners to get low-interest loans to purchase and install solar electricity at their primary or secondary residences, including owner-occupied multi-family homes with three or fewer units. Loans may also be available for residents interested in purchasing a share in a community-shared solar project, which involves a group of people investing in a portion of a larger solar system.

Other Local Options

  • Cambridge Savings Bank
  • Cambridge Savings Bank offers Home Equity lines of credit and secured Home Equity Loans for home improvement projects. Consumer home improvement loans are offered as well, with a $10,000 maximum for 60 or 120 months and APR ranging 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

  • North Cambridge Co-operative Bank
  • North Cambridge Co-operative Bank offers fixed rate Home Equity Loans and Home Equity Lines of Credit for owner occupied 1-4 family homes and condominiums. Check their website for their current rates.

    Contact Information
    Website: North Cambridge Co-operative Bank
    Phone: 617-876-5730
    Location: 2360 Massachusetts Avenue