State Launches $30 Million Residential Solar Loan Program
BOSTON — The Baker-Polito administration recently announced the launch of a $30 million residential solar loan program, which will support Massachusetts lenders in providing loans between $3,000 and $60,000 with low, fixed-interest rates to homeowners across the state. The program is expected to deliver approximately $100 million in savings to residents who take advantage of it.
“Massachusetts is a national leader in solar energy, and this program provides another way for residents to access solar energy while diversifying the Commonwealth’s energy portfolio and reducing our overall carbon footprint,” said Gov. Charlie Baker.
For residents, Mass Solar Loan widens the range of energy financing available via low-interest solar loans and by making those loans also accessible to borrowers with lower credit scores or incomes. For local lenders, Mass Solar Loan opens up new lending opportunities. For solar installers, the program provides a long-term financing program for customers. Direct solar ownership of solar electricity keeps more energy dollars in Massachusetts, while keeping energy generation local and helping to achieve the Commonwealth’s goal of 1,600 megawatts of solar by 2020.
“Helping residents own their own solar generation will expand the Massachusetts solar industry and help local lenders grow their business while moving Massachusetts closer to its statewide energy and environmental goals,” said Secretary of Energy and Environmental Affairs Matthew Beaton.
Mass Solar Loan is a program run in partnership by the Department of Energy Resources (DOER) and the Massachusetts Clean Energy Center (MassCEC). It is available for solar installations on single-family homes and residential buildings up to three units, with all lenders offering loans between $3,000 and $35,000 and some lenders offering loans up to $60,000. The program provides funding to Massachusetts banks and credit unions to incentivize lenders to make solar lending a part of their portfolios and to make solar loans available to borrowers with lower incomes or credit scores.
To date, Bank Five, First Citizens’ Federal Credit Union, North Brookfield Savings Bank, Shrewsbury Federal Credit Union, UMassFive College Federal Credit Union, and Weymouth Bank offer Mass Solar Loans, with more due to begin participating over the coming weeks.
“Residential solar has been a key component in the Commonwealth’s efforts to meet our ambitious clean energy goals,” said DOER Commissioner Judith Judson. “The Mass Solar Loan program will lower costs and increase the options for Massachusetts residents to benefit from owning solar.”
Residents can visit www.masscec.com/programs/mass-solar-loan for a list of participating solar installers and lenders, tips on how to select a solar installer, and the steps for participating in the program. They may also call (617) 712-1121 for more information. Interested lenders or installers may contact MassCEC to participate in the program.