Energy-efficient upgrades are more affordable through BankFive.
We can help you make your home more comfortable and energy-efficient year-round through our partnerships with the Mass Save® HEAT Loan program and the Rhode Island 0% Financing Program offered by Rhode Island Energy. We're proud to help our Massachusetts and Rhode Island neighbors make the home energy updates and purchases they need, while positioning them to reap the benefits of long-term savings from more efficient systems.
For Massachusetts residents:
Qualified Massachusetts customers can receive no-interest financing through the Mass Save® HEAT Loan Program. No-interest loans are available1 on qualifying energy efficiency improvements, including:
Mass Save Recommended Attic, Wall and Basement Insulation
Domestic Hot Water & Solar Hot Water Heaters
Central Air Conditioning and Heat Pumps
ENERGY STAR® Qualified Replacement Windows
If you've already completed your home energy assessment and received your HEAT Loan Authorization Form, you can apply for your Mass Save HEAT Loan online today. If not, here's what you need to do:
Obtain contractor proposals for eligible efficiency improvements you'd like to finance.
Choose your contractor(s), then complete and submit your Enrollment Form.
Receive your 0% Financing Authorization Form and apply for your loan.
1Some restrictions may apply. This offer is subject to credit approval and may be suspended or terminated at any time. Minimum loan amount is $500.00. APR refers to Annual Percentage Rate. The monthly payment would be approximately $11.90 per $1,000 borrowed based on 0.00% APR for 84 months. Trust review and recording fees ranging from $150.00 to $375.00 apply for properties held in trust. Eligible Mass Save HEAT Loan customers will need to obtain cost estimates from licensed contractors and submit them to the Home Assessment Vendor for approval. Loans between $500 and $25,000 have a minimum FICO Score requirement of 680. Loans greater than $25,000 must have a minimum FICO score requirement of 700. Maximum debt to income ratio of 45%, based on net income. Customers must meet program eligibility requirements to participate. Eligibility for the HEAT Loan Program is based on completing a Home Energy Assessment and pre-approval. Some restrictions apply and offers are subject to change or cancellation. Financing is subject to credit approval. Additional terms and conditions apply. Visit MassSave.com/HEATLoan or call 1-866-527-SAVE (7283) for details and to learn more about the program.
2Loans have a minimum FICO Score requirement of 680 and maximum debt to income ratio of 45%, based on net income.
BankFive NMLS #525575 • Member FDIC • Member DIF • Equal Housing Lender
MA Residents - How to Apply
A step-by-step guide to the Mass Save® HEAT Loan application process.
The company I work for switched to Bank Five about 5 years ago. Our relationship with this bank has been unbelievable. Ismael Tavares and his Team are attentive, professional, NICE and make working with them EASY. I'm working with MassSave for a project at my home and Bank Five made this loan happen in days! So happy we have the business relationship & now I have the personal. GREAT BANK, GREAT TEAM!
Krystal and Ana were great to work with on my MassSave HEAT loan.
Krystal was able to give me some initial information by phone that made it quick and easy to fill out the online form that is the first step in the process. Ana took over seamlessly for a few days when Krystal was out and kept the ball rolling. They both responded quickly and fully to any questions I had and kept me looped in as my approval progressed.
I highly recommend BankFive to anyone looking at a MassSave HEAT loan.
Having been given a list of banks administering heat loans, I was lucky enough to pick BankFive and to be put through to Kyle Marois. From the start, Kyle was unfailingly helpful in helping us navigate the information requirements of the loan and his professional skills and optimistic disposition made the process almost easy. When hiccups came along the way - and a few did as my husband was out of the country when the loan closed - Kyle immediately worked out solutions. We really cannot recommend Kyle highly enough.
I had a great experience working with Mitchell Santos at the North Branch on my MassSave heat loan. After I completed the initial application online, he followed up within a couple hours requesting the documents he needed and within less than 24 hours of sending the documents, he had all the paper work completed and was able to send out the check the next day. It was a very easy and smooth process and he was a pleasure to work with on the loan. I will definitely return to Bank 5 for my next loan.
I was not a prior customer, but I applied for a loan for a heat pump and extra insulation. The Branch Manager, Nancy Coelho, despite (I am sure) being pretty busy, was very pleasant, welcoming, helpful and never seemed rushed, at the same time that she was efficient and accomplished the business very expeditiously. I can't say enough - it was a great experience. Thank you!
Our dealings with BankFive has been wonderfully supportive and clear. They give you a human touch that not all financial institutions offer. Michael was amazingly helpful was with our mortgage last Spring and Alycia made it possible for us to get a RISE HVAC loan this month, both experiences were easy and fast.
We used BankFive Bristol for both a RI Heat Loan and Equity Loan. Alycia was great to work with - professional, knowledgeable, helpful, and kind. She answered all our questions and kept us advised of the process and progress of our loans. This was an incredibly straight forward and smooth experience. I highly recommend Alycia and BankFive Bristol.
BankFive provided excellent service and communication in our application for the MassSave HeatLoan. The process moved along quickly and we were able to get our contractor onboard right away with our BankFive loan.
Pedro Pelicas in the Acushnet Avenue branch in New Bedford handled our heat loan application and closing from start to finish. He was amazing. The whole process went very smoothly and he went above and beyond (even helping us notarize some documents on an unrelated transaction and personally delivering them to my parents house in Westport). Talk about customer service!
What a terrific experience. Ismael was tremendously efficient and helpful throughout our HEAT loan process, and Janice traveled to meet us in Woburn to facilitate our closing. Then, when we had to switch contractors, they handled the change graciously and redid the whole process without even a hint of reluctance about the inconvenience. Ismael led an exceptional customer service experience, we are very happy with Bank Five and will be repeat customers.
Marissa Scott —
How to Save on Heating Bills This Fall
By focusing on energy efficiency now, you can help keep your home warm as colder weather approaches without wreaking havoc on your wallet.
Do not use email to send us confidential or sensitive information such as passwords, account numbers or social security numbers. If you need to provide this type of information, contact us by phone, fax or regular mail. By clicking this link, you will be sent to your preferred email application. Are you sure you want to navigate away from this page?