Massachusetts Solar Loan Facilitates Path to Owning Your Own Power
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Brentwood, NH. (October 24, 2016) — ReVision Energy announces its participation in the Massachusetts Solar Loan program, a low-interest, fixed-rate loan that facilitates the path to owning your own power. ReVision is listed as an Expedited Installer with the program, which allows Massachusetts residents and property owners to connect with approved lenders to find ideal solar financing solutions.
Program advantages include low-interest rates (current maximum is 4.75%), with participants eligible for a 1.5% interest rate buy-down, regardless of income. Households with low and moderate income and credit scores have access to subsidies of up to 26% of project costs (reduction of loan principal), based on qualifying income thresholds.
The program also offers a standard, 10-year, fixed-rate repayment term, $500 maximum closing costs and up to 12 months of interest-only payments during construction. Depending on the lender, Massachusetts residents can obtain secured or unsecured loans ranging from $3,000 to $35,000, with some lenders offering loans of up to $60,000. Participants are also eligible to re-amortize within the first 18 months at no cost, once federal and state income tax credits have been received.
The loan program is administered in partnership with the Massachusetts Clean Energy Center (MassCEC) and the Massachusetts Department of Energy Resources (DOER). The program includes a $30 million budget financed through Alternative Compliance Payments from the Department of Energy Resources.
The application process is simple. ReVision Energy completes the required technical application and, once approved, consumers are given a choice of participating lenders that finance solar installations. ReVision Energy offers complimentary solar site evaluations. Call (978) 308-9041 for more information.
ReVision Energy offers solar electric systems at a lower-than-average cost per watt, based on current program information available on the Massachusetts Solar Loan website. Visit: masssolarloan.com for additional program details.