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.
Mass solar loan rates.
Unsecured solar loans do not but their interest rates are generally higher to compensate for the increased risk taken on by the lender.
Follow the steps below to get started.
10 years learn more.
Solar electricity can provide you with lower cost electricity.
Masscec s income based loan support eligible borrower rates will be at 1 5 below rates in matrix above.
The mass solar loan program includes three incentives to help massachusetts residents go solar.
Mass solar loan program service area.
All loans are subject to meeting mass solar loan program guidelines.
2 99 apr introductory rate for 12 months from date of funding.
Recent updates to the mass solar loan program have changed interest 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.
To understand which financing option is best for you.
Use the mass solar loan consumer dashboard to learn about solar costs and loan interest rates under the mass solar loan program.
Apr annual percentage rate apr.
Wall street journal prime rate on a monthly float thereafter until maturity with a floor of 3 25 apr.
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.
You can check out current program metrics here to get an in depth look at the numbers.
All loans subject to credit approval and meeting mass solar loan program guidelines.
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.
Low income customers who are eligible for the interest rate buy down will now see a maximum customer interest rate of 6 50.
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.
Receive a price quote from a pre qualified mass solar loan installer downloadable list.
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.
Taking out a solar loan may seem daunting says massy.
Check out our loan rates today.
Changes to the mass solar loan program.
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.
Minimum loan amount 5 000 00.
