For Banks and Credit Unions
For Lenders Interested in Offering a Solar Loan Product
- Solar Lending can open a new business opportunity.
- Solar Loans are an opportunity to engage new customers (90% of program loans were a new lender relationship).
- Solar is a revenue generating asset for the borrower, and annual savings/revenue from the system will often exceed the annual loan payments.
- Solar Lending can support your community goals.
Toolkit for Launching a Solar Loan Product
From 2015 - 2020, MassCEC helped 17 lenders originate $180 Million in residential loans through the Mass Solar Loan program. MassCEC has developed these resources with insights from the program to support lenders in launching their own product.
- Solar Loan Product Considerations
- Mass Solar Loan Technical Requirements
- Application and Project Completion Elements
Performance data for loans that came through the program can be found on our Loan Performance Data page.
Community Banks and Credit Unions Report Success with Solar Loans, NREL
- A 2018 paper examining the experiences of community banks and credit unions engaged in solar lending, including lessons and themes from product design and a review of loan performance to date.
Solar Lending Professional Training - Virtual Series, UNH Inclusiv Program
- With support from the US Department of Energy, UNH and the Inclusiv Center for Resilience and Clean Energy offer a course for community based lenders, offering the knowledge, skills and practice needed to engage in solar lending.
If your institution is interested in a solar loan product (or has already launched one) we are interested in hearing from you and hope the above resources can be helpful in the launch/operation of your product. Please reach out to email@example.com with any questions.
Regarding Existing Mass Solar Loan Projects:
For existing and in process loans that came through the Mass Solar Loan program, please follow these steps:
- Once the project has been completed, MassCEC will notify you via email that the final 65 percent of the loan may be disbursed. This email will also alert you if any changes have been made to the project that may reduce loan support amounts.
- List the final disbursement on your next monthly report to MassCEC and receive the remaining applicable Interest Rate Buy Down and any applicable Income Based Loan Support.
Monthly reports should continue to be submitted at the beginning of each month. Reports should be provided each month if there are any relevant changes:
- Changes to loan statuses (i.e. projects reaching full term period, or complete (fully paid off) status),
- Changes to delinquency information for any program loans (number of times 30, 60, 90 days late or defaults)
- Please remember to use our monthly report template.
- Annual reports are due in January each year. Please remember to use our annual report template.