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What is a Massachusetts Heating Loan?

For homeowners in Reading and other Massachusetts towns who are looking to improve or upgrade their existing home heating systems, this is absolutely a great time to do it. 

There are all kinds of ways to make your home more cozy and comfortable, and the energy efficiency they provide means there’s a good chance your initial investment will pay for itself and then some. 

Still, there is an outlay for many of these options, and some homeowners are on a tight budget.  That’s where a Massachusetts HEAT loan comes into the picture as part of the landmark Mass Save program, and at 128 Plumbing we can tell you what your best heating system options are, how much you’ll need to borrow and how these kinds of heating loans work.


Mass Save Heat Loan: The Basics

Let’s start with some numbers. If you qualify for a Mass Save HEAT loan, you can borrow anywhere from $2,000 to $50,000 for 12-84 months. Even better, the interest for these loans is 0 percent, and homeowners in standalone residential units with 1-4 family members are eligible. 


Reading and Beyond: Towns That Are Covered By Mass Save HEAT Loans

Fortunately, the list of towns where homeowners are eligible for Mass Save HEAT Loans is lengthy. It includes Reading, Woburn, Melrose, Wakefield, Medford, Malden and just about every other town in the eastern Massachusetts area covered by 128 Plumbing.  


Get an Energy Assessment

Regardless of what town you’re in, though, you do need an energy assessment to be eligible for a Mass Save HEAT loan, and doing this will help you decide on the various financing options that are available to Massachusetts residents. 

You can get this kind of energy assessment from Mass Save, and you can get it through 128 Plumbing. The advantage of going through us for this kind of assessment is that we have the equipment, services and community experience to help you with your energy needs, regardless of whether you’re in Reading, Arlington, Burlington or another Massachusetts town. 


The Financial Details of a Mass Save Heat Loan

While the financial details tend to vary slightly according to the borrowing standards of individual lenders, you generally need to have good credit, which translates to a FICO score of 620 or above. 

The overall Mass Save program is a three-year plan that began late last year and continues through the end of 2024. It includes rebates, interest free loans, no interest financing, free efficiency upgrades and numerous other incentives to increase home heating efficiency and lower energy costs while protecting the environment. 


Income Eligibility for a Heat Loan

Another factor that’s considered when it comes to eligibility is household income. For a single household, it’s $42,000 and the income and your financial situation will determine the terms of the loan. 


Eligible Mass Save Heat Loan Improvements That Qualify for Reading Homeowners


  • Heating equipment. This can include major heating system components like heat pumps or furnaces, or the ancillary equipment like the ductwork required to handle them. 
  • Hot water equipment, including solar. Imagine getting your current hot water heater replaced with a huge rebate—it’s possible under the Mass Save program, and you can even go solar and get even more savings for making that move. 
  • Windows. Double-pane windows with a high efficiency rating are an underrated part of the Mass Save heat loan program, and in many instances they’re covered. 
  • Mass Save insulation. Like energy efficient windows, insulation is an important part of a high efficiency heating system, and this, too, may be covered. If you’re a Reading homeowner with insulation needs, we can help you figure out the specifics, and we can do that for homeowners in neighbouring towns like Woburn and Wakefield as well. 
  • Heat pumps. Heat pumps are a central element of this loan program, and the rebates for buying them are substantial, both through the Mass Save home loan program and at the federal level. 


Know Your Energy Efficiency Numbers

Attaining energy efficiency is one of the major goals of the Mass Save HEAT program in Reading, Melrose, Wakefield and other towns, and it’s important to know something about energy efficiency numbers to attain that goal. 

Fortunately, this isn’t hard to do. For a furnace, for instance, an energy efficiency number of 90 or above means you’re replacing your existing furnace with an energy efficient unit. This will save you a lot of money on your home heating bill, so it’s well worth doing. 


Does This Loan Program Include Grants for New Heating Systems?

The Mass Save HEAT loan program also includes grants that you can use to replace your boiler or your central air conditioning system. 

These grants are part of a program backed by the government called the Energy Companies Obligation (ECO), and in some home heating scenarios in Reading and other towns they can cover the cost of the replacement work with no payback required. 


Where Heat Pumps Fit in the Mass Save HEAT Loan Program?

Since heat pumps are extremely energy efficient, they definitely qualify as a home heating addition that can be covered by a HEAT loan for your Reading home. 

Once again, you need to get an energy assessment to qualify for this kind of loan, and that kind of assessment can tell you exactly what kind of energy efficiency upgrade you’ll be adding. The savings are substantial, and they’ll continue throughout the life of the heat pump. 


Where 128 Plumbing Enters the Home Heat Picture?

Evaluating your eligibility for a Mass Save HEAT loan can be confusing when you try and size up all the equipment options, but at 128 Plumbing we have years of experience recommending heating and cooling options.   

We can do a home energy assessment that will help you understand your Mass Save furnace rebate situation, and we can also make appropriate recommendations about your Medford or Malden home energy system, your Arlington or Reading heating and cooling system, Wakefield appliances, and so on. 

To get the ball rolling, give us a call. The numbers are  (888) 419-4233 or (781) 670-3261. 

We’ll answer your questions and guide you through the process, and we can also schedule you for a home heating efficiency visit to evaluate your current system and give you an idea of what your best Mass Save HEAT loan options are going forward. 


Contact 128 Plumbing Today!

To get even more information, you can also go to 128Plumbing.com and start a live chat, and we have some great blogs and articles there to help educate you about Mass Save HEAT loan possibilities, and other forms of savings that are available through this program.

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