Mass Solar Loan Benefits
Interest Rate Buy Down
The Mass Solar Loan program reduces your annual interest rate 3% below the typical rate charged by your lender. This interest rate buy down is available to all solar system owners regardless of income.
Income-Based Loan Support
Eligible consumers with annual household incomes below $80,241 may qualify for a reduced loan principal once the project is complete. Current incentive rates are listed below.
Household Income Loan Principal Buy Down Rate (% of Loan)
Less than $66,866 annually 30%
Between $66,866 and $80,240 annually 20%
Loan Loss Reserve
Depending on your credit score, your lender may be eligible for additional incentives to help you go solar. If your credit record is less than perfect, ask your lender if you might qualify for the Loan Loss Reserve incentive.
Only solar electric (photovoltaic) systems owned by the resident are eligible.
Third-party lease or power purchase agreements for solar are NOT eligible.
Loan recipients must be Massachusetts residential property owners or Massachusetts residents.
Loan recipients must meet lender-defined loan qualification standards.
Solar electric systems must be connected to the electricity distribution grid.
Solar electric systems may not have previously received incentives from the Massachusetts Clean Energy Center.
Homes must have had a residential energy audit within the past five years or have one scheduled at the time of loan closing.
Mass Solar Loan Features
$3,000 to $35,000 loans, with some lenders offering loans up to $60,000
$500 maximum closing costs
Standard 10-year repayment term
3% maximum interest rate
Up to 12 months of interest-only payments during construction
Secured or unsecured loans available depending on lender
Ability to re-amortize within the first 18 months at no cost