Zero-interest home energy loan
Owner-occupiers who are established SELCO customers can borrow at 0% interest for solar panels, batteries, replacement windows and doors, electrical service upgrades and EV charger installation.
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You can finance improvements to your owner-occupied home or condominium. Electrical service upgrades must be needed for measures such as electric vehicle (EV) charging or induction cooking.
Borrow between $1,000 and $10,000. Solar financing is capped at $10,000, service upgrades and windows and doors at $3,500 each, and EV charger installation at $2,500. The standard repayment term is 12–60 months, with equal instalments added to your regular monthly SELCO bill. Interest is 0%, but a one-time $50 administration fee is charged with the first instalment; income-qualified customers have this fee waived.
Income-qualified customers may receive a term of up to 84 months for any improvement. Income must fall below the threshold for your household size: $72,100 for one person, $82,400 for two, $92,700 for three, $102,950 for four, $111,200 for five, $119,450 for six, $127,700 for seven or $135,900 for eight. For the extended term, provide either the first two pages of the most recent federal IRS Form 1040 for each adult filing in the household, showing line 9, or proof of participation within the previous six months in Fuel Assistance, WIC, TAFDC, EAEDC, SSP, SNAP, TANF, SSI or Medicaid.
Eligibility
- You must own and occupy the home or condominium in Shrewsbury, Massachusetts, where the improvements will take place, and be the SELCO customer of record for that property.
- You must have been a SELCO customer in good standing for at least 12 months, with no history of late payments.
- Customers using Eversource for natural gas heating are excluded from this SELCO loan.
How to apply
- Statut
- Candidatures au fil de l’eau
- Conditions de cette période de candidature
- Get a contractor quote and SELCO loan approval before starting the improvements.
Get a contractor quote, then complete the SELCO Electrification & Efficiency Loan Application through the Shrewsbury Online Services Storefront. SELCO reviews the application and tells you whether it is approved or denied, giving a reason for a denial. Wait for loan approval before carrying out the approved work.
After completing the project, upload installation photographs to your application and complete the building permits. SELCO carries out a final review and sends the loan agreement through DocuSign. Funding is paid by cheque to you or to your contractor on your behalf if you have agreed with the contractor that funding is coming from SELCO. SELCO then bills equal repayments over the term selected in your application.