Rhode Island HEAT Loans

Energy-efficient upgrades are more affordable through BankFive.

We can help you make your home more comfortable and energy-efficient year-round through our partnership with the Rhode Island 0% Financing Program offered by Rhode Island Energy. We're proud to help our Rhode Island neighbors make the home energy updates and purchases they need, while positioning them to reap the benefits of long-term savings from more efficient systems. Learn more about BankFive's RI HEAT Loans today.

Consider No-Interest Financing for Your Home Energy Upgrades :

Qualified Rhode Island Energy customers can receive 0% financing to install qualified high-efficiency heating and cooling upgrades in their homes.¹

Eligible services include:

• Insulation and air sealing
• Duct sealing and duct insulation
• Natural gas heating systems
• Natural gas water heaters
• Electric heat pump water heaters
• Electric air source heat pumps (that are replacing electric baseboard resistance heat)
  • A heat pump provides both heating and cooling for your home, acting as an air conditioner in the summer and a heater in the winter
• Residential battery storage (loans available for low-income² customers only)
  • By applying for 0% Financing for a battery energy storage system, the customer is agreeing to enroll in ConnectedSolutions once the battery energy storage system is online and interconnected. A battery energy storage system stores excess electricity for later use, including backup power during power outages. ConnectedSolutions participants are rewarded for allowing Rhode Island Energy to use the energy stored in the battery at times of high demand. For more information on the Rhode Island Energy Battery Storage program, and the incentive payment process, download the program guide.

If you've already had a home energy assessment and received your 0% Financing Authorization Form, you can apply for your BankFive HEAT loan online now. If not, here's what you need to do:

1. Complete an EnergyWise home energy assessment and receive a 0% Financing Enrollment Form. Call RISE Engineering at (888) 633-7947, or visit https://www.rienergy.com/site/ways-to-save/assistance-programs/income-eligibility-energy-savings-program to schedule your free in-person or virtual home energy assessment.
2. Obtain contractor proposals for eligible efficiency improvements you'd like to finance.
3. Choose your contractor(s), then complete and submit your Enrollment Form.
4. Receive your 0% Financing Authorization Form and apply for your loan.

HEAT Loans are also available for Massachusetts homeowners through our MassSave® HEAT Loan program.

¹_{Loans have a minimum FICO Score requirement of 680 and maximum debt to income ratio of 45%, based on net income.}

²_{Low-income (A-60 rate) eligible Rhode Island Energy customers can apply for a 0% financing loan for the cost of the battery system with no down payment and a $25,000 lifetime cap per account number.}

 _{BankFive NMLS #525575 • Member FDIC • Member DIF • Equal Housing Lender}