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 greater than $15,000 have a minimum FICO Score requirement of 660 and 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 greater than $15,000 have a minimum FICO Score requirement of 660 and maximum debt to income ratio of 45%, based on net income.
BankFive NMLS #525575 • Member FDIC • Member DIF • Equal Housing Lender
RI Residents - How to Apply
Steps to Apply for 0% Financing for Home Energy Upgrades
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.
I have had my 100 yr old home updated by Mass Save today
Kuddos to Gabe, Mike, Andrew and Sean
They have gone above board and worked late to accomplish what would have cost our family a small fortune to do
Cannot say enough good things about the people who have made my home more efficient
Thanks You for all you to these wonderful men
Fast competent service in Fall River branch. The branch manager was accessible, clear and precise making the process for a MassSaves HEAT loan quick and painless. Moving forward with a home equity loan because of how great the HEAT loan went. This process as smooth and efficient as the first. When trying to repair the roof that it literally leaking over your head, you don't have time for a long lengthy process. Tim in Fall River understands that and gets the job done. Would highly recommend to anyone looking for good rates with confident quick service.
I would not hesitate for a second to recommend Bank 5 and Jared Smith. He was awesome. We did not have a working heating system in our home with a new baby and he helped to expedite the process so we could get our mass save loan processed ASAP.
I found them while looking for a Mass Save loan for a new furnace, and ended up refinancing a HELOC too. Both transactions we're incredibly smooth and hassle free. Everyone was a pleasure to work with and the rates are great too!
My first experience with Bank5 was with a no-interest HEAT Loan sponsored by MASSAVE and the Utilities companies in Massachusetts. The online application process was simple and straightforward with a minimum of unnecessary paperwork. Turnaround was fairly quick.
I've since applied for a HELOC to replace my existing one with another bank and, while it's more complicated because of the nature of it, has been fairly straightforward also.
Everyone treated me as a valued customer right from the start.
I began with Bank5 as a result of the Mass Save program while I was replacing my heating system. My loan experience was great from the beginning. The customer service was wonderful, very professional, friendly and informational. It was a very positive experience.
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