Mass Solar Loan: A New Way for Homeowners to Save

MSL

In 2015, designs were put in place for a $30 million residential solar loan program. Built to complement the nation’s leading solar market in Massachusetts, the Mass Solar Loan (MSL) program was born. This program was launched by the Massachusetts Department of Energy Resources (DOER) and the Massachusetts Clean Energy Center (MassCEC) as an initiative for Massachusetts residents interested in directly owning their solar electric projects. By the end of 2015, the Mass Solar Loan program had begun.

Designed to make it easier for homeowners to finance solar photovoltaic projects for their homes, the MSL program works with different banks and credit unions to expand borrowing options through lower interest rate loans. In addition, it encourages loans for homeowners with lower income or lower credit scores. The lower interest rates offered by the banks is made possible through a process called the Interest Rate Buy Down (IRBD), in which the MassCEC pays a percentage of the interest rate of the loan (they currently pay off 1.5% of the interest – previously it was 3%).

This program allows homeowners to not only purchase a solar system and save money on their electric bill (yes, we all know that by now), but homeowners also have the chance to be eligible for an additional rebate through the program (the Income Based Rebate) as well as receiving the other added benefits of being a solar owner such as receiving Solar Renewable Energy Credits (SRECs) for ten years.

So what makes the Mass Solar Loan the “go-to” for solar financing?

  • * Low-interest rates, currently 3.29%
  • * The Interest Rate Buy Down (IRBD) – the MassCEC pays off a portion of the interest rate for you, so you don’t have to!
  • * 10-years fixed interest rate (shorter and longer options available)
  • * No prepayment penalty
  • * Income Based Rebate (IBR), based on household size and income (although being eligible for the rebate is not required to take advantage of the loan itself – that is a common misconception).
  • * For those who feel they do not have many options because they live in a municipal light department – this is a great solution. Although municipal light departments typically do not allow homeowners to lease their systems, the Mass Solar Loan provides a way to purchase your system without the upfront cost.

So let’s consider it all in perspective: You get to have a money-making machine on your roof that you don’t have to think about, while you are reducing your electric costs. In addition, you will also receive steady SREC checks over ten years. All of this can happen, while you and your solar panels just….well, sit there.

Are you eligible?
At Rayah Solar, our solar consultants have the ability to breakdown your solar options and what you will need in order to qualify. Solar is an easy enough concept, but there is a lot of information so we like to make the process as simple and painless as possible.

How to Apply?
Rayah Solar takes care of filing and submitting the application and all other paperwork needed to get you approved for the Mass Solar Loan program. We also help you to find the bank that works best for you by offering you a financier with the most competitive interest rate along with a stress-free loan closing process.

With the Mass Solar Loan’s great program, coupled with the Rayah Experience, not only will you be taking advantage of the best solar program to date in Massachusetts, but you will get a streamlined process from the point of signing to installation. During this process, you are kept informed and notified in advance of every step and action needed from you.

But please note, funding is limited, which means that this program is not guaranteed to be around for long. So if you are considering solar – now more than ever – this is the time. In addition, the Solar Renewable Energy Credits (SRECs) will also be coming to an end this year. So if you want to go solar and be able to cash in on SREC checks for the next 10 years, call us today at (617) 564-3159 to take the next step.

With all of that being said, the only thing left is for you to make the decision.

Article Written By AliYah C. – Project Manager, Rayah Solar

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