The Office of Consumer Affairs and the Division of Energy Resources today
announced the availability of loans under the HEAT Loan Program, a $5 million
pilot program that provides qualifying consumers with no interest and low
interest loans (0-3%) for installing energy efficient heating systems in their
homes.
Consumers should be searching for ways to offset rising energy bills, said
Janice S. Tatarka, Director of Consumer Affairs. This is the right time of year
to look into these loans and review your options for installing better
performing heating and hot water systems before the heating season begins.
The HEAT Loan Program grants up to $15,000 to consumers who undertake energy
efficiency improvements between now and the end of the year. The loans can also
be used for insulation for attics, walls, basements and ducts as well as
installation of Energy Star replacement windows. By replacing an existing
heating system with an energy efficient system, it's estimated that a household
can save $8,000 over the lifetime of the system. The potential total savings to
consumers through the HEAT Loan Program is approximately $28 million.
Even with a mild winter, heating prices hit record levels due to supply
disruptions caused by the hurricanes, added Commissioner of Energy Resources
David L. O'Connor. Taking advantage of energy efficiency programs is one way to
try and offset these increases.
Consumers whose income is less than 80% of the state median income qualify
for loans with 0-1% interest rates and loan terms of up to five to seven years.
80% of the median income for a family of four is $66,150. HEAT loans will be
administered by participating banks and set up through the state's residential
conservation programs coordinated by MassSAVE.
Consumers can contact MassSAVE by calling 1-866-527-SAVE or by visiting the
MassSAVE website at www.masssave.com.
Consumers should also consider rebates and incentives offered through MassSAVE
programs. MassSAVE partners include, Bay State Gas Company, Berkshire Gas
Company, Cape Light Compact, KeySpan Energy Delivery, National Grid, New England
Gas Company, NSTAR Electric & Gas, Unitil and Western Mass Electric.
Municipal electric customers are not eligible for this program. Heat oil
customers are eligible through their non-municipal electric companies.
Participating banks include: Citizens Bank, Southbridge Savings Bank,
Workers' Credit Union, BankFive, Boston Firefighters C.U., Franklin First
Federal Credit Unions, Haverhill Bank, South Adams Savings Bank, UniBank and
Westbank.
