Looking For An Affordable Clean Energy Option?
Talk to your credit union about loans available for residential solar installations – www.MassSolarLoan.com
Mass Solar Loan Features
- $3,000 to $50,000 loans
- $90.00 maximum closing costs
- Standard 10-year repayment term, or up to 15 years
- Currently 5.5% APR* interest rate
- Up to 12 months of interest-only payments during construction
- Unsecured loans available
- Ability to re-amortize within the first 18 months at no cost
- Annual percentage rate
Solar Financing Made Easy
- Receive a solar price quote from a pre-qualified Mass Solar Loan installer by finding a list of eligible installers and resources to help you choose an installer at www.MassSolarLoan.com.
- Select an installer and sign a solar installation contract.
- Work with your installer to complete your Mass Solar Loan technical application online.
- Provide your tax information online, if you are applying for income-based loan support.
- Once you receive your technical confirmation document via email, work with a Mass Solar Loan lender to complete your loan application.
- When your loan closes, your lender advances you 35% of the loan to cover initial construction costs.
- After your solar system is connected by your utility, your installer files your project completion documents.
- When the project receives completion approval, you receive the remainder of your loan from your lender.
Mass Solar Loan Benefits
Interest Rate Buy Down
The Mass Solar Loan program reduces your annual interest rate 1.5 percent below the typical rate charged by your lender. This interest rate buy down is available to all solar system owners regardless of income.
Income-Based Loan Support
Eligible consumers with annual household incomes below $80,241 may qualify for a reduced loan principal once the project is complete. Current incentive rates are listed below.
|Household Income||Loan Principal Buy Down Rate (% of Loan)|
|Less than $66,866||annually 30%|
|Between $66,866 and $80,240||annually 20%|
Loan Loss Reserve
Depending on your credit score, your lender may be eligible for additional incentives to help you go solar. If your credit record is less than perfect, ask your lender if you might qualify for the Loan Loss Reserve incentive.
- Only solar electric (photovoltaic) systems owned by the resident are eligible.
- Third-party lease or power purchase agreements for solar are NOT eligible.
- Loan recipients must be Massachusetts residential property owners or Massachusetts residents.
- Loan recipients must meet lender-defined loan qualification standards.
- Solar electric systems must be connected to the electricity distribution grid.
- Solar electric systems may not have previously received incentives from the Massachusetts Clean Energy Center.
- Homes must have had a residential energy audit within the past five years or have one scheduled at the time of loan closing.
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