Solar loan program to deliver benefits to Mass. residents, banks
Photo Courtesy Solect Energy
A solar panel system similar to this one from Solect Energy could be funded partially through a new program from the state.
Touting the benefits of direct ownership of solar power, the Baker administration has opened a $30 million program funded by retail electricity suppliers to support Massachusetts lenders who provide loans for residential solar energy projects.
Low-interest, fixed-rate loans of between $3,000 and $60,000 under the Mass Solar Loan program will likely deliver a collective $100 million in savings for residents who partake in the program, according to estimates from the administration. The loans will be accessible to low income borrowers and those with lower credit scores, according to the administration, and also give a lift to local lenders and solar industry equipment installers.
Residential projects are usually under 10 kilowatts and are not affected by net metering caps which have been hit in some areas of Massachusetts, forcing lawmakers to search for a compromise to keep other sectors of the solar industry chugging along. The House and Senate in November shipped conflicting solar power bills to a six-member negotiating committee.
Banks already offering Mass Solar Loans include Bank Five, First Citizens' Federal Credit Union, North Brookfield Savings Bank, Shrewsbury Federal Credit Union, UMassFive College Federal Credit Union, and Weymouth Bank. The program is run by the Department of Energy Resources and the Massachusetts Clean Energy Center. Interested residents may visit the Mass Solar Loan website or call 617-712-1121 for more information.
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