Solar loan program announced for Massachusetts homeowners
It just got easier for Massachusetts homeowners to get solar panels up on their rooftops and subsequently watch their electricity bill shrink.
This week, Massachusetts Governor Charlie Baker announced a $30 million residential solar loan program that will serve to help homeowners better gain access to solar panels as an energy source.
Mass Solar Loan Program
The state’s new Mass Solar Loan Program is looking to further the expansion of solar as a viable renewable power source in Massachusetts. The solar loan program is being financed through $30M of “alternative compliance payments” from the Department of Energy Resources (DOER).
Details of the loan program
- MA homeowners will have access to low-interest, fixed-term loans.
- Additional loan support may be available for some income-qualified solar owners.
- Lenders will offer 10-year, fixed-rate loans between $3,000 and $35,000.
- Occasionally, loans may reach up to $60,000.
Lenders will disburse 35 percent of loan amounts to homeowners at the close of the loan, and will release the remaining 65 percent after the solar system has been connected to the electric grid and completion documents have been approved.
Orginally published on → Solar Energy Local