Zero Percent Heat Loan Program

Steps to the 2011 HEAT Loan Program

The HEAT loan is available to qualified customers participating in the EnergyWise Home Energy Assessment Program and is designed to promote the installation of high efficiency improvements. Customers must be owners of one- to four- family homes and have a current residential gas and/or electric account with National Grid. In 2011, Customers are eligible to apply for a 0% loan and obtain applicable utility rebates for the measures installed.

  1. Complete an EnergyWise Home Energy Assessment and receive a HEAT Loan Intake Form.
    Read over the Minimum Standards and Requirements and other program fact sheets provided to you. Visit www.powerofaction.com/riheatloan for more information and a list of participating lenders. Call 1-888-633-7947 to schedule the Home Energy Assessment, or if you have any questions concerning the eligible improvements and process.
  2. If you choose to obtain pre-approval from one of the HEAT Loan participating lenders, loans are unsecured or secured depending on the lender. Refer to the lender list for pre-approval and loan options. Maximum loan amounts and loan type can vary by participating lender. Note: Units in a condo complex with a condo board are not eligible for a HEAT Loan. Condo complexes are served through the utility’s multi¬family program. 
  3. Obtain signed, itemized contractor proposals for the eligible efficiency improvements that you want to finance.
    The customer is responsible for obtaining proposals from qualified contractor(s) for the eligible efficiency improvements. Do-it-yourself installations are not eligible for HEAT Loan financing. Review the Minimum Standards and Requirement fact sheet and share a copy with your contractor(s).
  4. Choose the contractor(s) you want to use and provide copies of the contractor proposals to your HEAT Loan
    Administrator for eligibility review and approval.     The HEAT Loan Administrator will review the contractor(s) proposal(s) the customer submits for the HEAT Loan. The HEAT Loan Administrator will contact the customer if any paperwork is incomplete or does not meet the eligibility requirements. Mail or Fax the following information to your HEAT Loan Administrator for Review and Authorization
    ✔ The original, white copy, of the completed and signed HEAT Loan Intake Form provided at the Home Energy Assessment with section 2 completed and signed.
    ✔ Contractor Proposal(s) for the eligible improvements you want to finance along with all required supporting documentation as described in the Minimum Standards and Requirements on the back of this form.
    ✔ If replacing a heating system please include a heat loss calculation provided by your heating contractor and a proposal stating the make, model and efficiency rating of the proposed new system.
    Eligible Customer
    1–4 Unit Property Type Loan Amount Loan Term
    Owner Occupied Micro Loan $500 – $2,000 24 months
    Owner Occupied 1–4 Unit Standard Loan $2,001 – $25,000 Up to 84 Months
    Non-Owner Occupied 1–4 Unit Rental Property Loan $5,000 – $25,000 Up to 84 Months
  5. Receive a HEAT Loan Authorization Form. The Customer provides this form to the lender, then the lender does a final determination on the loan and disperses the funds to the customer in the form of a two-party check.
  6. Check disbursements. Successful applicants will receive a loan agreement and two-party check(s) made out to the customer and contractor for the full amount of the loan, net any utility rebates.
  7. After all work financed through the HEAT Loan is complete, the customer needs to notify the HEAT Loan
    Administrator and schedule a verification inspection.     The purpose of the inspection is to verify that the work financed by the HEAT Loan has been installed.

Note: All payment arrangements including payment of any required initial deposits, subsequent or final payments, along with payments schedule, are solely between the contractor and the customer.

Financing offer is for a limited time. Participating in the HEAT Loan Program is contingent on being approved for a loan from a participating lender. Financing is subject to funding availability and the Terms and Conditions listed on the HEAT Loan Intake Form are subject to change or cancellation without notice. This program will end on December 31, 2011.

For questions regarding the HEAT Loan Program contact HEAT LOAN Administrator. Contact information and telephone number will be provided during your Home Energy Assessment.