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Bank Offers Low Cost Loans for Home Clean Energy Upgrades

By Tom Marino | April 29, 2024
Last Updated: April 29, 2024

BOSTON – Governor Maura Healey announced the Massachusetts Community Climate Bank launched the Energy Saver Home Loan Program. The program is a $20 million program to accelerate low and moderate-income homeowners access capital to make clean energy upgrades to their homes.

Healey announced the creation of the bank in June 2023. The state provided $50 million in seed funds for the bank from the Department of Environmental Protection. One of its primary goals is to attract private sector capital and federal funds to finance building retrofits, with a focus on the affordable housing market.

“Last year, we were proud to launch the Massachusetts Community Climate Bank – the nation’s first green bank dedicated to affordable housing. Today, we are thrilled to take its work to the next level with the launch of its first consumer loan product that will help people across the state afford energy efficient homes,” said Governor Maura Healey.

Financing from the program will be a low-cost, long-term subordinate mortgage with interest rates from 0.5 percent to two percent, depending on household income. The mortgages have a 240-month term with an 18-month interest-only period, enabling low-cost bridge financing for clean energy incentive and rebate programs.

Financing is available up to $100,000, including costs eligible for clean energy rebates, utility incentives and tax credits.

Projects must reduce total energy usage by at least 20 percent to be eligible. Eligible homeowners may use Energy Saver loans to finance health and safety improvements such as:

  • Roof replacement;
  • Oil tank removal;
  • Home weatherization;
  • Electrical system upgrades;
  • Heat pumps;
  • New efficient appliances and fixtures;
  • Installation of rooftop solar panels;
  • Battery storage;
  • EV charging stations.


Image Credit: Free Images UK

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