Rhode Island Energy 0% Financing

Make energy-efficient home improvements with 0% financing.

Looking for a Rhode Island HEAT Loan? Qualifying¹ Rhode Island Energy customers can finance eligible energy efficiency improvements at 0% through BankFive.

From insulation and air sealing to qualifying heating and water heating systems, the program can help make the upfront cost of eligible home improvements more manageable.

What Can You Finance?

Rhode Island Energy's 0% Financing Program can be used for qualifying high-efficiency home improvements, including:

• Insulation and air sealing
• Duct sealing and duct insulation
• Natural gas heating systems
• Natural gas water heaters
• Electric heat pump water heaters
• Qualifying electric air source heat pumps (see details below)
• Residential battery storage for eligible low-income² customers

Financing a Heat Pump?

Eligible electric air source heat pumps must be replacing electric baseboard resistance heat. Heat pumps can provide both heating and cooling, helping keep your home comfortable throughout the year.

Financing Battery Storage?

A battery storage system stores electricity for later use, including backup power during power outages. Residential battery storage financing is available to qualifying low-income Rhode Island Energy customers. Eligible customers can apply for 0% financing to pay for the equipment and labor costs needed to install a battery storage system.

Customers financing a battery system agree to enroll in ConnectedSolutions once the system is online and interconnected. ConnectedSolutions participants are rewarded for allowing Rhode Island Energy to use the energy stored in the battery at times of high demand. 

For more information on the Rhode Island Energy Battery Storage program, and the incentive payment process, download the program guide.

How to Apply for 0% Financing

If you've already had a home energy assessment and received your 0% Financing Authorization Form, you can apply for your loan with BankFive now. If not, here's what you need to do:

1. Complete a home energy assessment and receive a 0% Financing Enrollment Form. Call 1-888-633-7947, or visit https://www.riseengineering.com/residential/get-started to schedule your free home energy assessment.
2. Obtain contractor proposals for eligible efficiency improvements you'd like to finance.
3. Choose your contractor(s), then complete and submit your Enrollment Form.
4. Receive your 0% Financing Authorization Form and apply for your HEAT loan.

If you're a Massachusetts homeowner looking to finance home energy improvements, take a look at our Mass Save® HEAT Loan program.

¹_{Loans have a minimum FICO Score requirement of 670 and maximum debt to income ratio of 45%, based on net income.}

²_{Low-income (A-60 rate) eligible Rhode Island Energy customers can apply for a 0% financing loan for the cost of the battery system with no down payment and a $25,000 lifetime cap per account number.}

 _{BankFive NMLS #525575 • Member FDIC • Member DIF • Equal Housing Lender}