Looking For An Affordable Clean Energy Option?
Shrewsbury Federal Credit Union is a participating lender of the Mass Solar Loan Program. We also provide financing for Non-MassSolarLoan solar projects.
Solar Loan Features:
- Loan amounts up to $60,000
- $500 maximum closing costs ($150 average)
- 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 a UCC lien.
- Ability to re-amortize within the first 18 months at no cost
Mass Solar Loan Program® - "Makes it Easy"
- Start by going to www.MassSolarLoan.com
- 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 form via email from Mass Solar, forward it to firstname.lastname@example.org and complete a loan application. (Apply below).
- When your loan closes, your lender advances you 35% of the loan to cover initial construction costs. (two-party check)
- 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. (two-party check)
Benefits of the MassSolarLoan® Program:
- 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 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.
MassSolarLoan® Program Eligibility Requirements:
- 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.
Non-MassSolarLoan Solar Projects:
- Please complete a Solar Loan Application online by clicking below.
- Forward your installer-prepared Invoice for your solar project to email@example.com
- The Installation Invoice should include the following:
- Homeowners' Name and Address (must be same as installation address)
- Installation Company Name and Address
- Installer's Email Address
- All equipment being installed including model numbers
- Total Project Cost
- At loan closing, you will receive a two-party check for 35% of the total loan amount to cover initial construction costs.
- Once your project has been completed by your installer you will receive the remaining amount (65%).
- Verification of connection from your utility company may be requested.