Mass Solar Loan Rates

For loans closing on or after september 13th 2019 program incentives are focused on low income qualified customers who fall within the income based threshold indicated below.

Mass solar loan rates.

The mass solar loan program includes three incentives to help massachusetts residents go solar. Use the mass solar loan consumer dashboard to learn about solar costs and loan interest rates under the mass solar loan program. Wall street journal prime rate on a monthly float thereafter until maturity with a floor of 3 25 apr. Installing solar panels on your roof is not only a good way to save money on electricity costs but also to reduce your carbon footprint.

Apr annual percentage rate apr. Learn about solar electricity. Solar electricity can provide you with lower cost electricity. Recent updates to the mass solar loan program have changed interest rates.

A copy of the shading analysis is required to ensure the system will meet the 70 optimal output for the mass solar loan or 65 for the umassfive solar loan. Maximum loan amount 60 000 00. Changes to the mass solar loan program. Follow the steps below to get started.

Low income customers who are eligible for the interest rate buy down will now see a maximum customer interest rate of 6 50. The gross loan interest rate market rate under the mass solar loan program is capped at wsj prime 2 75 making the cap 8 00 as of september 27 2018. Mass solar loan program service area. Unsecured solar loans do not but their interest rates are generally higher to compensate for the increased risk taken on by the lender.

Minimum loan amount 5 000 00. You can check out current program metrics here to get an in depth look at the numbers. To understand which financing option is best for you. While some rates have changed for property owners the mass solar loan program is still a beneficial program helping massachusetts residents go solar.

Up to 12 months interest only payments during construction period. Masscec s income based loan support eligible borrower rates will be at 1 5 below rates in matrix above. Taking out a solar loan may seem daunting says massy. Expected annual system production may not exceed 125 of the system owner s annual electricity consumption for the mass solar loan or 150 for the umassfive solar loan.

2 99 apr introductory rate for 12 months from date of funding. Getting a loan to finance your solar panels however can be difficult if you don t know what you re looking for to get the best deal you should always look for the best solar loan rates. The massachusetts department of energy resources doer and the massachusetts clean energy center masscec have launched the mass solar loan program for massachusetts residents interested in directly owning their solar electric projects. All loans are subject to meeting mass solar loan program guidelines.

10 years learn more.