On January 6, 2015, the Patrick Administration announced the final design of a $30 million residential solar loan program aimed to facilitate 6,000 loans over the next three years. The program, a partnership between the Massachusetts Department of Energy Resources (DOER) and MassCEC, will work with local banks and credit unions to provide financing to homeowners interested in solar electrical systems. The loan will expand borrowing options through lower interest rate loans and encourage loans for homeowners with lower income or lower credit scores.
Though loan terms may vary by lender, homeowners who are approved for Mass Solar Loan can expect:
- An interest rate of 3 percent or lower
- A loan for between $3,000 and $35,000
- A payback period of up to 10 years if the loan is for $15,000 or more
- The ability to readjust the terms of the loan in the event of changes in state and federal tax credits
Over the next few months, MassCEC will work to enhance the program website, signup banks and credit unions to participate in this program and develop an online application tool. It is anticipated that the program will begin accepting solar loan applications by Spring 2015.
Please contact SRECTrade if you have any questions.