Better Buildings - Energy Efficiency
Fact Sheet

A low interest loan program to fund energy efficiency and conservation retrofit projects within the City of Lowell identified by a certified energy auditor in either a utility company energy audit or other professional audit of the subject property.

Eligibility Criteria/Guidelines
Property must be located in Lowell’s Downtown Historic District as defined on the attached map or the interactive search feature of the Lowell Historic Board’s website.

Loans starting at $5,000 and up to a maximum of $500,000.  Property owners will be required to take full advantage of National Grid’s audits and retrofit incentives prior to applying for loans.  Funds would be released on a requisition basis for work completed rather than advanced at the start of the loan to ensure that funding is only used for eligible activities.

Interest Rate
The rate of interest is three percent (3%).

To be determined by the LDFC but in no event to exceed ten (10) years or the term of any pre-existing financing for the subject property whichever is less.  Loan may be amortized for a term not to exceed twenty (20) years.

Mortgage on subject property in addition to a corporate guaranty.  Any additional collateral for each project will be determined on a case by case basis.  LTV of combined mortgages cannot exceed standard underwriting guidelines typically 80%.

Debt Coverage Ratio
Target – the DCR for the project, which includes the projected energy savings, may not be less than 1.2X.

Minimum Project Cost
In order to be eligible, the cost of the retrofit project to the applicant must be $5,000 or more after applying all available utility rebate program(s).


  • Applicant will be required to complete a Pre-application form to determine the project’s applicability to the guidelines of the Better Buildings Program.
  • All loan commitments are subject to the availability of funds.
  • All necessary permits must be obtained from appropriate departments within the City of Lowell.
  • Borrowers shall reimburse the LDFC for all direct costs incurred as a result of the transaction, including appraisals, legal fees, and other fees.  These costs may be funded by the loan but should be the obligation of the applicants as agreed in writing. 
  • LDFC may charge a modest application or commitment fee, with the permission of the City of Lowell.


Phil Ferreira - Division of Planning & Development – - T:  978-674-1410
Jim Cook – or Germaine Vigeant-Trudel –  - T:  978-459-9899