SOURCE: Mass Save

Mass Save

May 16, 2011 13:00 ET

Mass Save® Interest-Free Loan Program Helps Mass. Business and Residential Customers Save With Energy Efficiency Upgrades

BOSTON, MA--(Marketwire - May 16, 2011) - Mass Save®, an initiative sponsored by Massachusetts' gas and electric utilities and energy efficiency service providers, today announced its expanded loan programs aimed at helping Massachusetts residential customers and businesses implement energy-efficiency improvements. The Sponsors of Mass Save already offer a variety of monetary incentives to residents and businesses for the installation of qualified energy efficiency measures; the new and expanded loan programs will supplement these incentives and will be conveniently offered through more than 40 participating lending partners. With nearly $1 Billion available in incentives and financing, the Mass Save programs represent tremendous opportunity for residents and businesses to implement energy efficiency improvements in their homes and businesses.

Residential customers can now apply for 0% loans for up to $25,000 and terms up to seven years to help with the cost of installing qualified energy-efficient improvements in their homes or rental properties through the Mass Save Residential HEAT Loan Program. Eligible improvements include the installation of high efficiency heating and domestic hot water systems; solar hot water systems; ENERGY STAR® qualified replacement windows; and weatherization measures.

"This announcement represents a nation-leading effort to put money-saving energy efficiency improvements within the reach of more residents and businesses than ever before," said Mark Sylvia, Commissioner of Department of Energy Resources. "Governor Patrick and Massachusetts set a high bar, resulting in the adoption by Massachusetts gas and electric utilities and energy efficiency service providers of three-year plans that will invest more per capita in energy efficiency than any other state in the nation. These new and expanded zero-interest loans build on the enormous success of the HEAT loan program and will swell the number and types of customers who can participate."

Business customers, including non-profits and multi-family complexes with five or more units, can also apply for interest-free loans for up to $100,000 and terms up to seven years to assist with the installation of qualified energy-efficient improvements through the Mass Save Financing Program. Energy efficiency improvements can help businesses achieve increased comfort and improved work environments, pave the way for corporate sustainability initiatives, and lead to improved cash flow and cost-savings that go straight to the bottom line. The newly expanded Mass Save business loan programs will make it easier than ever before for businesses to secure funding for energy efficiency-related capital improvements.

"This exciting new program will make investments in energy efficiency even more cost-effective," said Robert Rio, Senior Vice President, Associated Industries of Massachusetts. "It's a win-win for any business. They'll save money immediately due to reduced energy costs, while preserving capital to reinvest back into their businesses, creating more growth and additional jobs."

"Massachusetts banks are excited with the expansion of the energy loan program to include business and non-profit customers," said David Floreen, Senior Vice President, Massachusetts Bankers Association. "Community banks provide the vast majority of credit to businesses and they view this initiative as a great way to help their customers upgrade their properties, save energy and put local contractors to work."

Residential and business loans are subject to certain conditions, including energy assessments, and require pre-approval from the customer's utility or energy efficiency service provider and participating lender.

To learn more about financing options and incentives available to help with energy efficiency improvement initiatives please visit www.MassSave.com/financing.

Mass Save is an initiative sponsored by Massachusetts' gas and electric utilities and energy efficiency service providers, including Berkshire Gas, Cape Light Compact, Columbia Gas of Massachusetts, National Grid, New England Gas Company, NSTAR, Unitil, and Western Massachusetts Electric Company. The Sponsors of Mass Save work closely with the Massachusetts Department of Energy Resources to provide a wide range of services, incentives, trainings, and information promoting energy efficiency that help residents and businesses manage energy use and related costs.

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