Looking For An Affordable Clean Energy Option?
Talk to a participating Massachusetts bank or credit union about loans available for residential solar installations.
Mass Solar Loan Features
- Loan amounts up to $60,000
- $500 maximum closing costs
- Standard 10-year repayment term (up to 15 years)
- 5.99% maximum interest rate (as low as 4.50%)
- Up to 12 months of interest-only payments during construction
- Secured by UCC (Uniform Commercial Code)
- Ability to re-amortize within the first 18 months at no cost
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
Program Structure for Income-Based Loan Support:
The Mass Solar Loan Program (MASSCEC) will determine eligibility for Income Based Loan Support corresponding up to 30% of the loan amount, and capped at $10,500.
Program Structure for Interest Rate Buy Down:
The Mass Solar Loan Program (MASSCEC) will determine eligibility for any Interest Rate Buy Down, where a 1.5% discount would be applied to your initial Interest Rate.
Loan Loss Reserve
This is a lender incentive. Depending on your credit score, the lender may be eligible for additional incentives to help you go solar.
- 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.