Electrification & Efficiency Loans
MLP Z-LOAN NOW AVAILABLE
The Z-Loan is now available to owners of residential properties that receive electric or gas service from an MLP and are not eligible for Mass Save® programs. Upgrade your home’s comfort and efficiency with zero interest! Through the Z-Loan program, eligible customers can access up to $25,000 per property with a flexible five year maximum repayment term. Customers can visit www.myz-loan.com to apply for a Z-Loan.
SELCO is now offering 0% interest electrification and efficiency loans for owner-occupied homes or condominiums. These loans are available for service upgrades, battery storage, Ev charger Installations and energy-efficient replacement windows.
Customer Qualifications
The SELCO customer of record must be the property owner for the location where eligible improvements are to be made. The applicant must be a SELCO customer in good standing for a minimum of 12 months with no history of late payments. Income-qualified customers may be eligible for an extended loan term of up to 7 years (84 months) for all improvements.
*Customers who have Eversource for natural gas heating are not eligible for SELCO’s 0% loan. These customers are encouraged to work with Mass Save for heat pump incentives and the Mass Save HEAT Loan.
*SELCO Residents can also qualify for The DOER Z-Loan program. For more information and to find a participating lender click here.
Please see the requirements below to determine if your household meets income qualifications for the extended term length.
Eligible Improvements
- Service Upgrades – As required to support electrification measures such as EV charging, induction cooking, etc.
- EV Charger Installations (up to $2,500)
-
Replacement Windows & Doors
-
Solar Panels
-
Battery Storage
Loan Amounts
Solar – Up to $10,000
Service Upgrade – up to $3,500
Windows & Doors – up to $3,500
- EV Charger Installation – up to $2,500
Minimum / Maximum Loan Amounts – $1,000 / $10,000
Minimum / Maximum Loan Terms – 12 months / 60 months
(up to 84 months for income-eligible customers)
Loan Application Process
1. Customers applying for the 0% interest loan program must first have a contractor quote.
2. The SELCO Electrification & Efficiency Loan Application must be completed online using the Shrewsbury Online Services Storefront at www.shrewsburyma.gov/epermit.
3. SELCO will review the application and notify the customer of approval or denial. In the case where a loan application is denied, a reason will be given.
4. After receiving loan approval, the customer may proceed with implementing the approved upgrades.
5. Following project completion, pictures of the installation must be uploaded to the application and the Building Permits must be completed.
6. Following a final review, SELCO then processes a check to be mailed to the customer or to their contractor on their behalf, if they have come to an understanding with their contractor that the loan funding is coming from SELCO.
7. The Loan Agreement Contract will be sent to the customer through DocuSign.
8. SELCO will issue a check for payment and will begin billing the customer for the amount due in equal amounts for the loan repayment period selected by the customer during the application process. The one-time $50 administrative fee will be billed along with the first loan installment on the customer’s regular monthly SELCO bill. This is waived for income-qualified customers.
Income Qualified Criteria
If pursuing Income Qualification extended term length, at least one of the following is needed as verification.
- The first two pages of the most recent federal IRS tax form 1040 (showing line 9) for each adult filing (single, married filing jointly, married filing separately, and/or head of household) within the household.
- Proof of participation in any of the following government benefit programs within the previous 6 months: Fuel Assistance, WIC, TAFDC, EAEDC, SSP, SNAP, TANF, SSI, or Medicaid
You are Income Qualified if you fall below these thresholds.
| Household Size | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
|---|---|---|---|---|---|---|---|---|
| 80% Income Unit | $72,100 | $82,400 | $92,700 | $102,950 | $111,200 | $119,450 | $127,700 | $135,900 |
