The Power of Mass Save HEAT loans!
The power of Mass Save HEAT loans!
The Mass Save HEAT loan is an absolutely phenomenal tool to keep in your back pocket as a multifamily investor, especially if you have multiple boilers or furnaces!
What this HEAT loan allows you to do is take out a 0% interest loan over 5-7 yrs (depends on the individual credit union for the term length...) to be able to replace/install heating & cooling appliances.
To fund this loan, you need to work with a local credit union and ask them if they do this program, there is a bank lookup tool on their website 🙂. The loan registers as a personal loan on their books, and the bank pays the contractor that does the work and you pay the bank back. From my personal experience, the process was very quick to be processed! Shoutout to Tewksbury Credit Union!
The great part about this program and Masssave is the incentives & rebates that are given. The rebates can be absolutely crazy for converting from a less environmentally efficient fuel like oil to a cleaner burning fuel like gas or propane and installing mini splits in units (these tie into the tenant’s electrical panels) etc.
This tool is absolutely a great tool to have in your arsenal, if you have boilers/furnaces that are very old, you can get them replaced ASAP at a discount from the rebates, with a loan that is free to borrow the money over a long period of time, and retain liquidity for a much better use of that capital.
Someone has told me in the past that you can only use one Masssave HEAT loan per property, and to keep that in mind to get the most use out of it as you can. I have not confirmed this, does anyone know? 🤔
#worcester #lowell #boston #leominster #gardner #fitchburg
is there a link to this you can share?
lots of old heating systems in Worcester
I work for a CU that does lots of these... would be happy to make a connection.
