Mass Solar Loan Income Based Loan Support

Mass solar loan program available to massachusetts residents 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. The mass solar loan program is nearing full utilization of the initial program funding tracked here. The mass solar loan program was developed to further encourage the adoption of solar panels in ma and support the commonwealth s solar industry in a way that maximizes the benefit to the local economy.

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Low income customers are eligible for a 30 reduction up to 10 500.

Mass solar loan income based loan support.

The genesis of this program came out of the department of energy resources explained andrew belden director of solar programs at masscec. Work with your installer to complete your mass solar loan technical application online. For loans closed on or after december 13th 2017 mass solar loan will provide a 1 5 percent interest rate buy down as an upfront payment for customers qualifying as low income below 80 of state median income. Select an installer and sign a solar installation contract.

If you have already completed an application on the mass solar loan portal please use the link provided in the email sent from the portal to begin your income. Provide your tax information online if you are applying for income based loan support. This is paid directly to the lender as a portion of the loan principal when the project is complete. With your installer s help you must complete a mass solar loan technical application at the mass solar loan portal indicating your intent to apply for income based loan support before you can apply for income verification.

In order to meet the overall goals of the program masscec has announced an upcoming transition that steps down loan support while providing 10 million in additional funding for future program activities that focus on income qualified. For qualifying customers the mass solar loan program offers an additional incentive applied directly to the loan principal.