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Energy Efficiency 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 partnerships with the Mass Save® HEAT Loan program and the Rhode Island 0% Financing Program offered by National Grid. We're proud to help our Massachusetts and 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.
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December 22
Quick and hassle free process on taking…
Quick and hassle free process on taking out the MA HEAT loan with Pedro Pelicas
October 20
Fantastic Loan Experience!
We used BankFive Bristol for both a RI Heat Loan and Equity Loan. Alycia was great to work with - professional, knowledgeable, helpful, and kind. She answered all our questions and kept us advised of the process and progress of our loans. This was an incredibly straight forward and smooth experience. I highly recommend Alycia and BankFive Bristol.
August 09
MassSave HeatLoan
BankFive provided excellent service and communication in our application for the MassSave HeatLoan. The process moved along quickly and we were able to get our contractor onboard right away with our BankFive loan.
July 07
Very responsive and efficient loan…
Very responsive and efficient loan process.
June 07
Pedro Pelicas was the best!
Pedro Pelicas in the Acushnet Avenue branch in New Bedford handled our heat loan application and closing from start to finish. He was amazing. The whole process went very smoothly and he went above and beyond (even helping us notarize some documents on an unrelated transaction and personally delivering them to my parents house in Westport). Talk about customer service!
April 19
What a terrific experience
What a terrific experience. Ismael was tremendously efficient and helpful throughout our HEAT loan process, and Janice traveled to meet us in Woburn to facilitate our closing. Then, when we had to switch contractors, they handled the change graciously and redid the whole process without even a hint of reluctance about the inconvenience. Ismael led an exceptional customer service experience, we are very happy with Bank Five and will be repeat customers.
Dan L
March 02
Thank you ...Bank five made apply for…
Thank you ...Bank five made applying for my Heat Loan quick and easy. The process was hassle free!
September 19
I have had my 100 yr old home updated…
I have had my 100 yr old home updated by Mass Save today Kuddos to Gabe, Mike, Andrew and Sean They have gone above board and worked late to accomplish what would have cost our family a small fortune to do Cannot say enough good things about the people who have made my home more efficient Thanks You for all you to these wonderful men
Maureen Mckeon
November 05
Fast competent service in Fall River…
Fast competent service in Fall River branch. The branch manager was accessible, clear and precise making the process for a MassSaves HEAT loan quick and painless. Moving forward with a home equity loan because of how great the HEAT loan went. This process as smooth and efficient as the first. When trying to repair the roof that it literally leaking over your head, you don't have time for a long lengthy process. Tim in Fall River understands that and gets the job done. Would highly recommend to anyone looking for good rates with confident quick service.
October 29
Jared Smith 👍🏻
I would not hesitate for a second to recommend Bank 5 and Jared Smith. He was awesome. We did not have a working heating system in our home with a new baby and he helped to expedite the process so we could get our mass save loan processed ASAP.
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For Massachusetts residents:

Qualified Massachusetts customers can receive no-interest financing through the Mass Save® HEAT Loan Program. No-interest loans are available** on qualifying energy efficiency improvements, including:
  • Mass Save Recommended Attic, Wall and Basement Insulation
  • Heating Systems 
  • Domestic Hot Water & Solar Hot Water Heaters 
  • Central Air Conditioning and Heat Pumps 
  • ENERGY STAR® Qualified Replacement Windows
  • Energy-Efficient Thermostats 
If you've already completed your home energy assessment and received your HEAT Loan Authorization Form, you can apply for your Mass Save HEAT Loan online today. If not, here's what you need to do:
  1. Call Mass Save at (866) 527-7283 to schedule your no-cost home energy assessment. Due to COVID-19, virtual home energy assessments are now being offered. Please visit for more information.
  2. Fill out the paperwork provided by your Mass Save representative and submit your documents.
  3. Receive your HEAT Loan Authorization Form and apply for your Mass Save HEAT Loan.

 *Some restrictions may apply. This offer is subject to credit approval and may be suspended or terminated at any time. Minimum loan amount is $500.00. APR refers to Annual Percentage Rate. The monthly payment would be approximately $11.90 per $1,000 borrowed based on 0.00% APR for 84 months. Trust review and recording fees ranging from $150.00 to $375.00 apply for properties held in trust. Eligible Mass Save HEAT Loan customers will need to obtain cost estimates from licensed contractors and submit them to the Home Assessment Vendor for approval.

**Loans greater than $15,000 have a minimum FICO Score requirement of 660 and maximum debt to income ratio of 45%, based on net income.

Customers must meet program eligibility requirements to participate. Eligibility for the HEAT Loan Program is based on completing a Home Energy Assessment and pre-approval. Some restrictions apply and offers are subject to change or cancellation. Financing is subject to credit approval. Additional terms and conditions apply. Visit or call 1-866-527-SAVE (7283) for details and to learn more about the program. 

For Rhode Island residents:

Qualified Rhode Island National Grid customers can receive 0% financing to install qualified high-efficiency upgrades in their homes.**

Eligible services include:
  • Insulation and air sealing
  • Duct sealing and duct installation
  • Natural gas heating systems
  • Natural gas water heaters
  • Electric heat pump water heaters
  • Electric air source heat pumps
If you've already had a home energy assessment and received your 0% Financing Authorization Form, you can apply for your loan online now. If not, here's what you need to do:
  1. Download the 0% Financing Enrollment Form (Multifamily Condo Owners please use this Enrollment Form and submit to the address listed, then apply for your loan; an energy assessment is not required for Multifamily Condo Owners).
  2. Call EnergyWise at (888) 633-7947, or visit to schedule your free home energy assessment. National Grid understands that, for many, leaving the home right now is simply not possible, so they are currently offering virtual home energy assessments. Please visit for more information.
  3. Have the energy specialist complete Section 1 of your Enrollment Form.
  4. Choose your contractor(s), then complete and submit your Enrollment Form.
  5. Receive your 0% Financing Authorization Form and apply for your loan.

**Loans greater than $15,000 have a minimum FICO Score requirement of 660 and maximum debt to income ratio of 45%, based on net income.

 BankFive NMLS #525575 • Member FDIC • Member DIF • Equal Housing Lender

  • RI Residents - How to Apply

    Download your enrollment form.

  • MA Residents - How to Apply

    A step-by-step guide to the application process.

  • MA Heating Equipment Checklist

    Download the minimum standards and requirements for heating equipment.

  • MA Insulation & Windows Checklist

    Download the minimum standards and requirements for insulation upgrades and replacement windows.

  • MA Central AC & Heat Pump Checklist

    Download the minimum standards and requirements for central air conditioners, central heat pumps, and mini-split heat pumps

  • MA Water Heater Checklist (including solar)

    Download the minimum standards and requirements for domestic hot water and solar hot water heaters.

Homeowner Resources
Learn more about home energy loans, home equity, and refinancing.