Massachusetts Solar Loan Offers Low-Interest Path to Solar Ownership
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ReVision Energy is now an authorized installer under the Mass Solar Loan program. Backed by the MassCEC, the Solar Loan allows us to offer another option for Massachusetts homeowners looking to finance and own their solar project. The program also helps to make solar investments more feasible for those with low and moderate income and credit scores, with subsidies available of up to 26% of project costs for income qualified households.
The Mass Solar Loan is available for Massachusetts residential projects, and advantages include low interest rates (the current max is 3.25%), $500 max closing costs, a standard 10 year fixed rate repayment term, and up to 12 months of interest only payments during construction. Homeowners can obtain secured or unsecured loans (depending on the lender) ranging from $3,000 to $35,000, with some lenders offering loans of up to $60,000.
You can get going in the Mass Solar Loan program by inviting us over for a free solar site evaluation at your home. During the solar evaluation, our solar designer can better explain the choices you have when purchasing a solar array (in nearly all situations we strongly urge residential customers to buy, not lease, a solar project).
Once you have a solar proposal you’re interested in pursuing, we’ll help you put together a Mass Solar Loan program application, which will give you a technical confirmation that the project meets the requirements of the program. Finally, that technical confirmation and a project contract will allow you to go to seek financing from a participating bank or credit union.
Mass 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