In a move that's shaking up the fight against climate change, Governor Maura Healey has given the green light to the Massachusetts Community Climate Bank's (MCCB) Energy Saver Home Loan Program. This initiative hits the ground with a hefty $20 million to assist low- to moderate-income homeowners in upgrading their digs with energy-efficient improvements.
Boasting as the country's first green bank to focus on decarbonizing affordable housing, MCCB is delivering on its promise to turn homes across the state greener and leaner. "Last year, we were proud to launch the Massachusetts Community Climate Bank – the nation's first green bank dedicated to affordable housing," Healey stated in an announcement covered by Mass.gov. The guv launched the program with the hope of easing the strain on those bearing the brunt of both exorbitant energy bills and the unrelenting impact of climate change.
Governor Healey is not cooling her jets on the issue, making sure that the strides in sustainability are achieved from the ground up, starting with the homes themselves. Homeowners who're sweating over the cost of electrical system upgrades, weatherization or even thinking about going solar will now have a financial springboard for those upgrades. "For the first time, low and moderate-income homeowners will have concierge support—a real person—to walk them through, every step of the way," according to Climate Chief Melissa Hoffer.
The deal gets sweeter with loans that can go up to a cool 100 grand, inclusive of the improvement costs eligible for clean energy rebates. Ready to dish out loans with more forgiving terms, MCCB slices the interest rates based on household income, capping them between 0.5 and 2 percent. These loans, which stretch over a breezy 240-month term, are expected to provide much-needed relief to homeowners by lightening the monthly burden. "This new loan product will empower homeowners across Massachusetts to help advance our state's ambitious clean energy goals," MassHousing CEO Chrystal Kornegay told Mass.gov.
Under the new program, dollars will flow fast, with goals to approve up to 1,000 loans in the coming two years. It's a push that the state hopes will lay the foundation for a cleaner, more sustainable Massachusetts, aligned perfectly with their 2050 net-zero emissions target. Potential applicants, itching to cut down on their carbon footprint and their energy bills, can go over to the official MCCB website, check eligibility, and kick-start the application process right away.
