Mass Solar Loan Available Now
Did you know that the Massachusetts Clean Energy Center and the Department of Energy Resources (Massachusetts) have created a great low-interest loan program specifically to help Massachusetts homeowners own solar?
The Mass Solar Loan is available now, in partnership with a number of local banks including Franklin First Federal Credit Union, Greenfield Cooperative Bank, and UMassFive College Federal Credit Union. The program provides reduced interest rates on the loan, and also offers a buy-down of up to 30% of the loan principal for households with qualifying income. Typically, the energy savings and incentive income from the solar project will cover the payments on the loan.
Andrew Belden at MassCEC explained: “[The DOER] did a study in 2014 looking at the gross economic benefits to the Commonwealth of direct ownership versus third-party ownership. What it revealed is not just that direct ownership is better for homeowners… it’s also better for the Commonwealth as a whole, in terms of making sure those dollars stay within Massachusetts. The conclusions of that study were really the impetus for [the Mass Solar Loan] product.”
If you’d like to learn more about using the Mass Solar Loan to finance a solar project, get in touch with PV Squared’s Design and Sales Team to request a free solar assessment!