Mass Solar Loan Calculator

You can check out current program metrics here to get an in depth look at the numbers. Changes to the mass solar loan program. Receive a price quote from a pre qualified mass solar loan installer downloadable list.

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Mass solar loan calculator.

Mass solar loan is a 30 million program administered in partnership between the massachusetts department of energy resources doer and the massachusetts clean energy center masscec. Recent updates to the mass solar loan program have changed interest rates. The gross loan interest rate market rate under the mass solar loan program is capped at wsj prime 2 75 making the cap 6 0 as of march 16 2020. All loans subject to meeting mass solar loan program guidelines.

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. While some rates have changed for property owners the mass solar loan program is still a beneficial program helping massachusetts residents go solar. A 85 00 ucc 1 filing fee will apply. Additional benefits of solar power in massachusetts.

Residents interested in solar can use the below dashboard to explore this information and better understand the economics of installing solar on their homes. Participation in the mass solar loan program is an opportunity for lenders to become a part of the growing massachusetts residential solar market. While terms may vary participating lenders are required to offer fixed rate 10 year loans between 3 000 and 35 000. Follow the steps below to get started.

Solar electricity can provide you with lower cost electricity. The mass solar loan program tracks information on things like solar system cost size and equipment. Trust review and recording fees ranging from 150 00 375 00. One time right to re amortize balance during the first 18 months from the date of project completion.

Once installation is completed your monthly payment based on a loan amount of 10 000 00 at an interest rate of 6 000 6 189 apr and a repayment term of 120 months is 111 02. Mass solar loan connects homeowners interested in solar electricity to solar installers and lenders that have available financing options. Low income customers who are eligible for the interest rate buy down will now see a maximum customer interest rate of 4 5. Solar tax credits and programs mass solar loan program.

The dashboard provides information about solar costs and loan interest rates under the mass solar loan program. Use the mass solar loan consumer dashboard to learn about solar costs and loan interest rates under the mass solar loan program. Financing available for primary residences located in massachusetts only. All loans subject to credit approval and meeting mass solar loan program guidelines.

This new innovative state level incentive allows residential homeowners to own a solar pv system by making fixed low interest loan payments.