The Mass Save Financing Program provides business customers, including Multi-Family and Non-Profits, with the opportunity to apply for a loan from participating lenders to assist with the installation of qualified energy-efficient improvements in their facility. Scheduled interest payments on the loan will be pre-paid by the local utility or energy efficiency provider in lieu of a portion of the Mass Save incentive or rebate. Loans are available up to $100,000 with terms up to 7 years, contingent on the amount of the quantifying incentive. Financing is subject to approval by the participating lender, and improvements require pre-approval from your utility or energy efficiency provider.
Some eligible energy efficiency improvements include:
- High efficiency Lighting/Controls
- Motors/Variable Frequency Drives
- Compressed Air
- Custom Measures
- Contact your utility or energy efficiency provider for other qualifying measures.
- Submit your energy efficiency application(s) to your local utility or energy efficiency provider.
- Indicate to your local utility or energy efficiency provider that you are interested in Mass Save Financing for Business.
- Obtain a Pre-approval Letter from the local utility or energy efficiency provider detailing additional incentives for your project along with a Mass Save C&I Interest Subsidy Authorization Form.
- Submit the Pre-approval Letter and the Mass Save C&I Interest Subsidy Authorization form to the Lender for approval to secure your loan.
- Install your measures.
- Notify your local utility or energy efficiency provider and the Lender when your installation is complete.
- The local utility or energy efficiency provider will verify your measures through an on-site inspection and notify the Lender once the project passes.
- Submit your final costs to both the local utility or energy efficiency provider and the Lender.
- Lender will release the loan.
- Local utility or energy efficiency provider will release any incentive.
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- Qualifying project through the Mass Save Retrofit or New Construction programs pre-approved by local utility or energy efficiency provider
- Interest is paid to the lender up front by the local utility or energy efficiency provider
- Interest is in lieu of a portion of the Mass Save incentive for the qualifying measure
- Loans up to $100,000
- Terms up to seven years
- Pre-negotiated rate of prime plus 100 basis points with a 6.25% floor
- Value of the interest subsidy must be less than or equal to the value of the qualifying incentive
- Must use a participating lender from approved list