What is the HEAT Loan Program and how does it work?

The HEAT Loan Program, which stands for Home Energy Efficiency Loan Program, is designed to help homeowners in Massachusetts finance energy efficiency improvements in their residences. This program is part of the efforts by MassSave to promote energy conservation and reduce energy costs for residents. The HEAT Loan Program provides access to low-interest loans to cover the costs associated with eligible upgrades such as heating system replacements, insulation installation, and the purchase of high-efficiency appliances. To participate in the HEAT Loan Program, homeowners must first schedule a home energy assessment through the MassSave program. This assessment identifies the specific energy-saving opportunities that are available based on the home’s unique characteristics. After the assessment, the homeowner will receive a report detailing recommended improvements that can be financed through the HEAT Loan. Once the assessments are complete and recommendations are made, homeowners can apply for a HEAT loan through participating lenders, which typically include local banks and credit unions. The loans can offer favorable terms, such as low interest rates and extended repayment periods, making it easier for homeowners to afford energy upgrades. Moreover, the program may provide the option for financing up to a specified amount, usually covering the total costs of the improvements based on the recommendations from the energy assessment. It is important to note that eligibility criteria and specific terms may vary, so it is advisable for homeowners to explore the latest information available on the current MassSave website for the most accurate details regarding the HEAT Loan Program.