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 Customer||Loan Type||Loan Amount||Loan Term|
|Owner Occupied||Micro Loan||$500 - $2,000||24 Months|
|Owner Occupied||1-4 Unit Standard Loan||$2,001 - $25,000||Up to 84 Months|
|Non-owner Occupied||1-4 Unit Rental Property Loan||$5,000 - $25,000||Up to 84 Months|
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
- East Cambridge Savings Bank
- Eastern Bank
- Naveo Credit Union
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.
Website: Century Bank
Cambridge Office: 2309 Massachusetts Avenue,
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.
Website: East Cambridge Savings Bank
Main Office: 292 Cambridge Street
Inman Square Office: 1310 Cambridge Street
Mass Ave Office: 2067 Massachusetts Avenue
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.
Website: Eastern Bank
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 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.
Website: Naveo Credit Union
Cambridge Office: 251 Hampshire Street
Other Financing Options
- Federal Housing Administration Energy Efficient Loans
- Citizens Bank
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.
Website: The FHA Resource Center
Phone: (800) CALL-FHA or (800) 225-5342
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.
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)
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
- North Cambridge Co-operative 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.
Website: Cambridge Savings Bank
Central Square Branch: 630 Massachusetts Avenue
Harvard Square Branch: 1374 Massachusetts Avenue
Inman Square Branch: 1378 Cambridge Street
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.
Website: North Cambridge Co-operative Bank
Location: 2360 Massachusetts Avenue