Concord Homeowners Use Energy Saver to Complete Green Home Makeover

Jeff and Courtney had long wanted to upgrade the systems and energy efficiency in their Concord home, and with their aging oil heating system reaching the end of its life they began looking for a more sustainable replacement and other green home improvements.

Using MassHousing's Energy Saver Home Loan Program (ESHLP) that offered them 20-year financing with just 2 percent interest, they gave their home a complete makeover that is expected to lower their energy usage by 69 percent and reduce their CO2 emissions by nine tons a year. The couple replaced their oil furnace with heat pumps to heat and cool the entire home and provide hot water, and added a new roof with solar panels as well as attic insulation.

"We were really thrilled about the interest rate and having a program like this in place in general," said Jeff. "We were going to do the heating and cooling [replacement] anyways, but this allowed us to extend it to solar as well. We also had some personal feelings about making it better for the environment."

The ESHLP, powered through MassHousing and the Massachusetts Community Climate Bank (MCCB), helps eligible Massachusetts homeowners cut their energy use and reduce or eliminate their reliance on fossil fuels by at least 20 percent. It provides low-interest rate, second-mortgage loans that support a variety of energy-related home improvements. Another benefit of the program is that participants receive guidance on available incentives and tax credits to lower the cost of their home energy projects.

The couple expect to take advantage of the rebates, both from their town and state and federal government tax credits that their improvements afforded them.

After obtaining a loan from a MassHousing lending partner, ESHLP participants make their monthly payments to MassHousing, which manages the disbursement of funds.

Energy Saver Home Loans are made in partnership with Concierge Service Providers (CSPs), who will guide you through all aspects of the home energy improvement process. Jeff and Courtney had worked closely with their town to learn about the resources it provided for residents to go all-electric or solar. They eventually heard about the ESHLP and contacted the Center for Eco Technology (CET), the CSP covering their area.

"Helping homeowners turn their sustainability goals into reality is what drives us every day. When families combine heat pumps with solar panels, they're not just upgrading their homes–they're creating healthier, more efficient spaces and cutting carbon emissions by tons each year," said Simon Siher Bentolila of CET. "Thanks to programs like the Energy Saver Home Loan, offering 20-year financing at just 2 percent interest, these life-changing improvements are within reach. CET is honored to stand alongside customers like Courtney and Jeff as they lead the way toward a cleaner, brighter future."

Jeff and Courtney were then referred to Abode Energy Management, the Energy Service Provider for the ESHLP. Mike Simons, a Decarbonization Consultant from Abode, conducted a no cost assessment of their home and provided them with a detailed report of solutions that would reduce their energy usage and reduce their CO2 emissions.

"For customers like the Jeff and Courtney, who live in a municipal light territory, the ESHLP provides access to affordable financing for critical home modernization improvements. We worked with them to expand beyond their baseline goal of installing high-performance HVAC equipment, supporting a comprehensive scope that included installing high performance windows, air sealing and insulation, solar PV, and more. Typical colonial homes across Massachusetts face leakiness and high energy costs - challenges they mitigated through ESHLP upgrades that boost resilience, improve health, and reduce energy burdens," said Abode's Mike Simons.

"Jeff and Courtney's experience demonstrates how comprehensive planning and affordable financing can transform an older home into a model of energy efficiency and resilience. By leveraging the ESHLP, they were able to go beyond incremental upgrades and pursue a holistic approach. This strategy not only reduced their energy costs and carbon footprint but also preserved the comfort and character of their colonial home, proving that deep decarbonization is achievable without compromise," said Christopher Haringa, Abode's VP of Programs.

The couple began the process of getting their ESHLP loan through BankFive and interviewed a slate of contractors for the heat pumps, roof replacement and solar panels.

"The loan got us to a place faster," said Jeff. "We had to think about alternative energy at some point. We didn't have air conditioning, the boiler was dirty, and it wasn't getting any younger."

Once they settled on their contractors with help from Mike at Abode, Jeff said they "were more than impressed with group we worked with. Our plumber was amazing. Our heat pump guys were amazing, and our solar guys were amazing. Abode was also really helpful throughout the process and helped answer all the questions we had."

Working with Lending Specialist Renee Roberts at BankFive helped the couple blend the financing with the contracting processes together to the point where they completed all their improvements and are now enjoying the benefits.

"Renee at BankFive was super helpful, she literally walked us through all the steps," said Jeff. "It is overwhelming as a consumer to have so many vendors. It is a heavy-duty process, and she helped us get through that."

"At BankFive, we understand that energy-efficiency projects can feel overwhelming for homeowners," said Renee Roberts. "Our goal is to make the financing process as smooth and stress-free as possible. By guiding customers through every step of the Energy Saver Home Loan Program, we help them focus on the improvements that matter most, while we take care of the details."

Jeff estimates that in seven years, the reduction of his energy costs will compensate for the amount the couple spent to make their home all-electric.

"We're really happy and it's something we had long wanted to do. The rebates and tax credits we are receiving as well as the low-interest loan made it work. It's a great product," he said.

The Massachusetts Community Climate Bank, with resources like the ESHLP, is working to accelerate investments to decarbonize the building sector in Massachusetts. As the Commonwealth transitions to a net zero future, MCCB promotes an equitable transition to clean energy by addressing the needs of low- and moderate-income households and environmental justice communities.

"The Energy Saver Home Loan Program is helping homeowners across Massachusetts to reduce their energy use and reliance on fossil fuels," said MCCB Director of Policies and Programs Maggie Super Church. "It's wonderful to see customers in Municipal Light Plant communities, like Jeff and Courtney, taking advantage of everything the program has to offer. Pairing better insulation with heat pumps and solar is great way to improve comfort and take control of home energy costs."

We were really thrilled about the interest rate and having a program like this in place in general." - Jeff