Massachusetts Residential Solar Loan Program
Massachusetts Residential Solar Loan Program makes it easy for MA residents to obtain low-interest loans to fund the installation of solar electricity systems for their homes!
Additional moderate income incentives available!
This program is a partnership between the Massachusetts Department of Energy Resources (DOER) and the Massachusetts Clean Energy Center (MassCEC) which connects homeowners interested in solar electricity to solar installers and lenders that have available financing options. Through the program, lenders offer low-interest loans for Massachusetts residents and property owners, including renters and those with moderate incomes or low credit scores. The program is financed through $30 million of Alternative Compliance Payments from the Department of Energy Resources. DOER provides program and policy oversight of the Mass Solar Loan program while the MassCEC acts as the program Central Administrator.
MA Solar Loan Features
• $3,000 to $35,000 loans, with some lenders offering loans up to $60,000
• $500 maximum closing costs
• Standard 10-year repayment term
• Low interest rate
• Up to 12 months of interest-only payments during construction
• Secured or unsecured loans available depending on lender
• Ability to re-amortize within the first 18 months at no cost
• 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
Consumers with annual household incomes below certain thresholds may be eligible to have the Mass Solar Loan program pay a portion of their loan principal when the project is complete. An independent party will verify household income as part of the qualification process. Eligibility for Income-Based Loan Support is based on total household income as determined by the federal income tax filing for the most recent year available. See the chart below for eligibility.
For additional information visit; www.masssolarloan.com