Mass Solar Loan Interest Rate

Umassfive in partnership with the massachusetts department of energy resources doer and the massachusetts clean energy center masscec is proud to support the mass solar loan program the program provides low interest loans to qualified homeowners for the purchase and installation of solar electric systems. The primary difference between secured and unsecured solar loans is that secured solar loans require that you promise an asset usually your home as collateral for the money that you borrow. Secured loans such as home equity loans and heloc usually have aprs between 3 8 5 depending on your credit score.

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The mass solar loan program has some of the lowest interest rates available in massachusetts.

Mass solar loan interest rate.

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. The mass solar loan program s maximum interest rate 3 25 percent is. 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. Unsecured solar loans do not but their interest rates are generally higher to compensate for the increased risk taken on by the lender.

Solar loan rates. The mass solar loan program includes three incentives to help massachusetts residents go solar. These generally require a good credit score and the better your credit score the lower your rate. 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.

Also you ll even get a 0 25 deduction on that rate if you set up autopay. 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. Energysage compared the mass solar loan to the top three financiers quoted most frequently to massachusetts shoppers in the energysage solar marketplace. Low income customers who are eligible for the interest rate buy down will now see a maximum customer interest rate of 6 50.

The apr on an unsecured solar loan can vary from 5 5 to 20 or even higher. While sofi has a powerful presence in the student loan space it also offers low interest personal loans which you can use for anything including solar panel installation. Low interest fixed rate with a low interest fixed rate loan there is no better time to install solar energy panels at your home. Lenders may also choose to offer loans of up to 60 000.

Income qualified residents may be eligible to have the mass solar program pay a portion of their loan principal once the project is complete.