Heat Loans and AC Loans

Apply Now View Rates

Energy-efficient upgrades are more affordable with a Mass Save® HEAT Loan or a Rhode Island Energy 0% Loan from 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.

Mass Save HEAT Loan:

Qualified Massachusetts customers* can receive no-interest financing through the Mass Save® HEAT Loan Program. Please note that Unitil has temporarily paused their participation in the Mass Save HEAT Loan program. As such, Unitil customers are not currently eligible. Please check back for updates.

No-interest loans are available¹ on qualifying energy efficiency improvements, including:

Mass Save Recommended Attic, Wall and Basement Insulation
Heat Pumps
Heat Pump Water Heaters & Solar Hot Water Heaters
Central Air Conditioning and Heat Pumps
ENERGY STAR® Qualified Replacement Windows
Energy-Efficient Thermostats

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:

Call Mass Save at (866) 527-7283 or visit https://www.masssave.com/en/residential/programs-and-services/home-energy-assessments to schedule your no-cost home energy assessment.
Fill out the paperwork provided by your Mass Save representative and submit your documents.
Receive your HEAT Loan Authorization Form and apply for your Mass Save HEAT Loan.

*Effective 7/3/24, Unitil MA Electric & Gas Operation customers are no longer eligible for the Mass Save HEAT loan program until further notice.

Homeowner Resources

RI 0% Financing Program:

Qualified Rhode Island Energy customers can receive 0% financing to install qualified high-efficiency upgrades in their homes.²

Eligible services include:

Insulation and air sealing
Duct sealing and duct insulation
Natural gas heating systems
Natural gas water heaters
Electric heat pump water heaters
Electric air source heat pumps (that are replacing electric baseboard resistance heat)
- A heat pump provides both heating and cooling for your home, acting as an air conditioner in the summer and a heater in the winter.

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

Complete an EnergyWise home energy assessment and receive a 0% Financing Enrollment Form. Call RISE Engineering at (888) 633-7947, or visit https://www.rienergy.com/RI-Home/Energy-Saving-Programs/Home-Energy-Assessments to schedule your free in-person or virtual home energy assessment.
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.

¹_{Some 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.}²_{Loans 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}

How to Apply for a Mass Save HEAT Loan or the RI 0% Financing Program

Mass Save HEAT Loan

A step-by-step guide to the Mass Save® HEAT Loan application process.

Download
RI Energy 0% Financing Program

Steps to apply for 0% Financing for home energy upgrades.

Download

Apr 30

Quick and painless heat loan approval

George

Mar 05

Amazing Bank with an AMAZING staff! Worked with BankFive to secure a MA SAVE Heat Loan. Closed in 1 week via DocuSign. Great experience. Highly Recommend!

Mark

Oct 11

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.

A. Keith

Jul 25

Took out a HEAT loan using the online process. It was very efficient and the agent took care of everything very expeditiously.

Greg

Jun 23

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.

Judith

May 25

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.

Carolyn Talmadge

Apr 28

Mitchell From Bank 5 is the best! He guided me thorugh the process , explained every detail and helped me get my MA Heat Loan in timely manner! I 100% reccomend both Bank5 and Mitchell!

Juan Cano

Apr 13

Bank 5 was easy to work with and the turn around time for our Mass Save heating loan was excellent. I highly recommend them for your loan needs.

Juan Sepulveda

Mar 24

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!

Elizabeth Nestor

Feb 01

Mitchell was very helpful and pleasant. The process went quickly and smoothly to get a my Heat Loan.

Jennifer Fuentes Jenn

Jan 07

Honestly one of the easiest banking experiences ever. Mitchell communicated quickly and effectively for us to close our loans in the matter of days. Highly recommend for the heat Loan.

Derrick Barrows

Jul 07

The loan officer I worked with was respectful, responsive, and efficient. There was minimal time between applying for the loan, receiving updates and the arrival of our check.

John

Apr 14

Working with BankFive was quick, efficient, and comprehensive. They were familiar with the MassSave HEAT Loan process and helped make the process as smooth as possible.

Carl

Mar 30

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.

Hilary R

Mar 11

I applied for a Heat Loan. Mitchell Santos was a pleasure to work with. It was a very easy process. Thank you.

Yona Carmichael

Dec 22

Quick and hassle free process on taking out the MA HEAT loan with Pedro Pelicas

Oct 20

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.

Karen

Aug 09

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.

Bryan

Jul 07

Very responsive and efficient loan process.

Jimmy

Jun 07

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!

Michael