Green Loan Program
MassDevelopment wants to help businesses optimize energy efficiency and reduce energy costs. Our Green Loan Program bridges the gap between energy efficiency project costs and the rebates or subsidies provided by utility companies and state/federal incentive programs.
To be eligible, an organization must:
- be a non-profit or for-profit business in Massachusetts
- have been in existence for at least five years
- demonstrate an ability to repay the loan
Loans are available in the amounts of $50,000 to $500,000 and are net of project-related rebates or subsidies.
Loans may only be made for projects that receive approval for a utility rebate under a public utility sponsored energy efficient program authorized by the Massachusetts Department of Public Utilities or approval for a subsidy from a state/federal energy efficiency incentive.
Funds may be used for:
- HVAC replacements or improvements
- Windows, insulation, and other building improvements
- Energy control systems
- Chillers and Boilers
- Hot water heaters
- Photovoltaic panels
The application is a two-step process:
- The borrower must file an application with a utility for an energy efficient program rebate. Information on the utility energy efficiency incentive programs are available through the Mass Save® web site (www.masssave.com/business).
- A loan application is filed with MassDevelopment.