Massachusetts: Equipment Financing Program
| Loan Features | Current Interest Rates |
| Eligible Measures | How to Apply |
New England Gas Company has partnered with Energy Finance Solutions (EFS) to bring customers a new way to pay for equipment replacement costs. the Equipment Financing Program can be used for the purchase and installation of natural gas equipment. Existing New England Gas Company customers and customers who are interested in converting from an alternate fuel to natural gas, within our service territory, are eligible to apply for financing.
Loan Features
Key features of an EFS loan:
What if your contractor is not approved?
- New or existing customers of New England Gas Company only
- Residential owner-occupied single-family and duplex homes
- Unsecured loan (homeowner provides no collateral)
- Borrowers can finance $2,500 - $20,000
- Fixed rate loan terms available: 3, 5, 7 and 10 years
- No fees, points, or closing costs
- No prepayment penalty
- Can finance 100% of installation costs
- Quick approval process - usually 30 minutes or less
- Approved contractors only
Please advise your contractor to visit our Contractor Participation or contact Nancy O'Brien at 1.800.969.9322 ext.237 for additional information on how to become a participating contractor.
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Current Interest Rates
Credit Score Interest Rate Annual Percentage Rate (APR) 640 - 679 14.25% 14.25% 680 - 719 14.25% 14.25% 720+ 13.99% 13.99% Note: Rates subject to change weekly.
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Eligible Measures
Energy Finance Solutions has partnered with New England Gas Company to offer homeowners a special financing program for the installation of certain qualified energy efficient improvements. This sheet references the measures eligible for financing and their respective minimum efficiency requirements. Homeowners may finance a minimum of $2,500 up to a maximum of $20,000.
NOTE: To finance any of the Secondary Measures listed below, Homeowners must install at least one (1) Core Measure to be eligible for the loan program.
Core Measures Minimum Efficiency Requirements Furnace: Natural Gas AFUE 80% Boiler - Natural Gas AFUE 80% Natural Gas Central Air Conditioning COP .62 Natural Gas Fire Place No minimum efficiency requirement Natural Gas Pool Heater 80% Efficiency
Secondary Measures Minimum Efficiency Requirements Natural Gas Water Heater EF .58 Indirect Fired Water Heater UL Approved Electric Central Air Conditioning System 11 SEER Humidifier No minimum efficiency requirement Air Cleaner No minimum efficiency requirement Programmable Thermostat ENERGY STAR® qualified
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How to Apply
Before you select one of the four options below please download the document, "6 Easy Steps." 6 Easy Steps is a simple step by step instruction guide designed to assist you through the loan process.
Please note: Any homeowner with a credit history involving a foreclosure, bankruptcy, or repossession in the past 7 years will be ineligible for this loan.
Below are four ways that you can apply for the Energy Efficiency Improvement Loan Program.
A) Credit pre-approval
You may call 1.800.583.5869 to get pre-approved over the phone or you can use the online pre-approval application.B) Print the application
Click here to download the credit application. Please note the credit application is not a contract for a loan nor does it lock you into any commitment with a contractor. The credit application will allow us to proceed with your request for a loan to finance your improvement(s).C) Request an application packet by mail
You may request an application packet by mail by calling 1.800.583.5869.D) Apply online
If you have an accepted bid from an approved contractor and are ready to submit a full application or you have already been pre-approved and would like to complete the application - you can fill out the credit application online.If you apply online, a loan representative will contact you within a few hours to inform you of the loan decision. You will also be notified by mail.
In order to fully process your loan, you will need to mail or fax the following information in addition to the Credit Application:
- Copy of contractor's bid for the eligible home improvements. (The bid needs to be signed by the contractor and homeowner, list the eligible improvements, and indicate the total cost.)
- If your loan is over $4,000, you may need to provide proof of income. (Recent paystub showing year to date income, or if self-employed, provide a copy of the most recent federal tax returns)
Submit to:
Energy Finance Solutions
431 Charmany Drive
Madison, WI 53719
Fax: 608.249.5788
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