Description
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.
Required Steps
- 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.
Find lenders
Click here to view participating lenders
Complete application
Click here to download loan application
Download brochure
Click here to view/download brochure
Eligibility
- 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
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