Local 0%/Low-Interest Loans

One of Sustainable Middleborough’s top priorities has been asking Middleborough Gas & Electric for these loans, and we’re thrilled this program was launched in 2024 in partnership with Taunton Federal Credit Union. We’re not going to lie. It IS a process. But if you thought you couldn’t afford heat pumps or whole-house weatherization, this terrific new program should make it more doable. Here’s how it works:

• Households with incomes at or below the state median income (see chart) can qualify for a 0% interest loan. That’s more than half of the homes in town.
• Higher-earning households can get their loan interest discounted by 3 percentage points, for example, lowering a 7% interest rate to 4%, still a very sweet deal.
• Loans can be used for heat pumps, weatherization, or heat pump water heaters and can range from $2,000 to $20,000, with up to 7 years to repay.
• The first step (of many) is to sign up online for an energy assessment, or email hea@ene.org or call 888-772-4242.
• Learn more about how to apply for the loan on MGED’s website.

State Energy Saver Loans

A new low-interest program offered by the new Massachusetts Community Climate Bank may work better for some households:

• The household income guidelines are much higher than other programs: $191,700 or less for Plymouth County residents. Only the owners listed on the deed are counted toward household income.
• If your household income is below $113,600, you can get an interest rate of 0.5%. For incomes between $113,600 and $191,700, you can qualify for 2% interest.
• The Climate Bank will do its own decarbonization assessment of your home. Eligible weatherization projects must have a projected 20% energy savings. To meet that, the assessor can help you bundle a wide range of other measures to save energy, such as roofs, appliances, electric upgrades, solar panels, electric vehicle chargers, even shade trees.
• The house must be your primary residence, with one to four residents.
• To learn more and apply, go to the Climate Bank’s Energy Saver Loan program website, email energysaver@cetonline.org, or call 413-303-0667.

Home Equity Loans

If neither of those loan programs work for you, talk to your own bank and a couple others to compare interest rates. See what they can offer for a home equity or home improvement loan, usually with terms of 5 to 20 years. If you set up automatic payments from another account with the bank, you can sometimes lower the interest rate a bit. The interest should be less than what you will save on your energy bill.