For Consumers and Residents

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Solar Loans and Financing Options

Solar Electric Systems can provide long-term economic benefits, though there are up-front costs to installation. A variety of solar financing options can reduce the burden of an initial investment and facilitate solar ownership. For more detailed information, please refer to the MassCEC Residential Guide to Solar Electricity (pages 8-11) and the MassCEC Solar Financing Options page.

For more information on solar, including how it works, incentives, programs, and costs, please visit the MassCEC Solar Electricity page.


Get Started with a Solar Loan

  • The first step in purchasing solar PV is to find and contract with a solar PV installer
    • Get quotes from multiple installers, ask lots of questions, and find an installer you're comfortable working with
    • Visit MassCEC’s Finding an Installer page for additional guidance
    • Consult our cost comparison tool, which provides information on the cost and performance of systems in your area
  • Concurrently or after selecting an installer, find a lender or loan provider
    • A list of banks and credit unions who offered solar loans through the Mass Solar Loan Program can be found here, some of which may offer their own solar loan products (if you're a lender who offers solar loans, and would like to be listed here, please contact us at solarloans@masscec.com)
    • Your installer may also have financing options they commonly offer or lenders they commonly work with
    • Be sure to consider loan terms, interest rates, and closing costs of different financing options. Some loan providers may have dealer fees paid by the installer that result in higher system costs for projects financed through that loan provider

Regarding Existing Mass Solar Loan Projects:

For projects within the program that have not yet been completed:

  1. After your solar system has been connected to the electric grid, your installer will file project completion documents. Upon approval of those documents, the remaining 65 percent of your loan will be disbursed.
  2. If you qualified for Income Based Loan Support, this will be paid to your lender in our monthly payment cycle, in the month following your project’s completion approval. Once received, your lender will apply this incentive to your loan principal. This is most commonly 6-10 weeks after project completion approval. Please see the FAQ for more details.

Please check our incentive information and resource archive page for additional details about the program structure.

 

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