There are options available to help you as a renter, condo/homeowner, or landlord in a 1-4 unit building finance your energy upgrades.
Click here to learn about our low-income programs.
Mass Save® HEAT Loan
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. You could qualify for a 0% interest loan toward select energy efficiency home improvements. Loans can vary between $500-$25,000 with terms up to 7 years.
| 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 first obtain a 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.
Other Financing Options
- Federal Housing Administration Energy Efficient Loans
- Citizens Bank
The Federal Housing Administration (FHA) offers an Energy Mortgage Loan Program to help current or potential homeowners significantly lower their monthly utility bills by enabling them to incorporate the cost of adding energy efficient improvements into their new home or existing housing. The program can be used when purchasing an FHA insured home or when refinancing your current mortgage loan. Through this and other types of mortgage insurance programs, the lender helps low and moderate-income families purchase homes by keeping the initial costs down.
Contact Information
Website: The FHA Resource Center
Phone: (800) CALL-FHA or (800) 225-5342
Citizens Bank offers a Citizens Bank Personal Loan Call where you can borrow between $5,000 and $50,000. Stop by a branch for more information.
Contact Information
Website: Citizens Bank
Phone Number: 888-333-0104
Central Square Branch: 689 Massachusetts Avenue (617-779-2700)
Harvard Square Branch: 30 Brattle Street (617-868-4900)
Kendall Square Branch: 141 Portland Street (617-374-1550)
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. 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
Porter Square Branch: 53 White 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.
Contact Information
Website: North Cambridge Co-operative Bank
Phone: 617-876-5730
Location: 2360 Massachusetts Avenue
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.