Patrick Administration Expands Energy Improvements Eligible for Residential Loan Program
BOSTON
– Tuesday, May 27, 2014 – The Department of Energy Resources (DOER)
today announced it is providing funding to expand the highly successful
Mass Save® HEAT Loan Program to encourage more residential energy
efficient upgrades and high efficiency renewable heating installations.
The Expanded HEAT Loan Program will provide funding for several types of
improvements not currently eligible in the existing program.
“More
homeowners, renters and landlords in Massachusetts will be able to take
advantage of the savings possible through the Mass Save® programs by
accessing zero percent loans for improvements that haven’t been covered
before,” said DOER Commissioner Mark Sylvia. “This residential financing
initiative is just the latest in the Patrick Administration’s
successful work to make energy efficiency our ‘first fuel.’”
The existing HEAT Loan Program
provides zero interest loans to homeowners for qualified energy
efficient improvements in Massachusetts homes and rental properties. It
is a partnership between local banks and credit unions and the Mass Save
Sponsors, the state’s investor-owned gas and electric utilities and
energy efficiency service providers. The residential energy efficiency
loan program is one of the largest in the nation, and aims to help
credit-worthy households overcome the initial cost barrier to adopting
energy efficiency upgrades.
The expansion will provide funding for improvements such as:
· Asbestos abatement to install energy efficient heating system replacements
· Wiring upgrades required by local and state codes to do attic and wall insulation
· High efficiency wood pellet boilers
· Increased loan amounts for landlord of 2-4 units are doubling from the current $25,000 cap to $50,000
The
program’s $3.8 million expansion is funded through DOER by the U.S.
Department of Energy’s American Recovery and Reinvestment Act (ARRA)
State Energy Program funds.
"The
HEAT Loan Program is a tremendous incentive for customers to take the
steps necessary to become more efficient," said Penni Conner, Senior
Vice President and Chief Customer Officer for Northeast Utilities,
parent company of NSTAR and WMECo. "With the enhancements to the program
announced today by DOER, we're confident the number of folks taking
action to reduce their energy use will continue to grow."
"Energy
Efficiency is one of the most important resources for meeting the
challenges of climate change, so it is fantastic to see Massachusetts
continue to take a leadership role," said Edward White, vice president
of Customer and Business Strategy, National Grid. “For more than 25
years, National Grid has offered innovative energy efficiency services,
and we are proud to work hand-in-hand with the State to enable even more
customers and communities to realize increased value from their energy
use."
“Eastern
Bank is pleased to participate in the Expanded HEAT Loan interest
buy-down offerings funded by the DOER,” said Ken Dyment, Senior Vice
President. “We’re confident that our customers will find the added
features helpful in rounding out their energy upgrade projects.”
In
2013, Massachusetts HEAT Loan lenders issued more than $88 million in
individual energy efficiency loans to more than 9,000 customers. Since
the program was created in 2006, it has led to the financing of more
than $320 million in energy efficiency loans, serving over 35,000
households.
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