At HUECU, we want to empower our members through the power of financial education. We recently launched our Ask the Experts series, where HUECU staff answers your questions via Zoom on various financial topics.
Our second webinar focused on Solar Loans and the Mass Save HEAT Loan program. Our two HUECU experts, Lucas Constanti, Operations and Sustainability Specialist, and Iris Scanlon, Consumer Loan Origination Coordinator, answered some of your most frequently asked questions regarding Solar Loans and the Mass Save HEAT Loan.
Here are their strategic tips to help you navigate Solar Loans and the Mass Save HEAT Loan to save you some big bucks.
Question: What is the Mass Save HEAT Loan?
Iris: The Mass Save HEAT Loan is a loan that you can take out with the Credit Union that allows you to update energy efficiencies in your home including items such as installation, or even spoilers -- anything that includes making sure that your home becomes more green, more energy efficient.
Question: What is the timeline for a Mass Save HEAT Loan?
Iris: It really depends, because when you actually do your assessment, you're going to have to take a look at the contractors that you are going to be working with. Their timeline is going to affect how you actually end up submitting your application to us. So, with our own applications, when you are approved, it is good for 30 days. So double-check with your contractor to make sure when they can schedule the work. Currently, a lot of contractors have a lot of work scheduled, so sometimes their timing can be anywhere from two or three months out; always double check, because if you end up not doing the work within the 30 days that you actually submit it to us, we have to close up the application, and you'll have to reapply. And on that note, your HEAT loan authorization is actually only good for 90 days. Once your HEAT loan authorization expires, you have to go back to Mass Save to get it renewed.
Question: What options are there for people who live in condos/townhouses?
Lucas: That's a great question for Mass Save. Mass Save is available to most people. As long as you're on the property and you pay your utilities for solar. It depends on your HOA and your condo association more so for the banks and the government. If you get a solar loan, it doesn't tie back to the property, which is why the interest rate is a little bit higher. So, if you do live in a condo or a townhouse, and the HOA’s answer is yes, you can put solar on a portion of the roof. You can qualify for the rebates and get a loan. I would just say, make sure that they hook up the solar to your electric meter.
You may watch the full recording here: YouTube Recording