Solar Financing for Massachusetts Residents
There has been an explosion of solar financing for Massachusetts residents. If you are interested in paying nothing down and reaping the benefits of solar energy on day one live in Massachusetts, you are in luck. With all the generous incentives available through Massachusetts and the federal government, it has never been a better time to make the investment. In the past, solar ownership required a large upfront cash outlay; money most people don’t have readily available. This is not the case anymore as new solar financing opportunities emerge in Massachusetts. Find out ways some of our customers have secured this funding.
Financing Methods for Upfront Purchase:
- Mass Solar Loan – The Mass Solar Loan program offers a low, fixed interest loan to qualified home solar projects through approved installers. The advantage of this financing is a Massachusetts homeowner or renter may receive an interest rate buy-down, loosened credit restrictions, and income-based loan support.
- Home Equity Line of Credit – Home equity had been the cheapest and most popular method of financing for a PV installation. With prices as low as 3% and the payback of a solar electric system being relatively quick (4 to 6 years), it makes sense for those with equity in their homes.
- Upfront SREC Option – Aggregators are willing to give you an upfront cash payment in exchange for selling the value of your Solar Renewable Energy Credits (SRECs) over the next 10 years. For an average sized system, this would be about $6,250 that you can use toward your solar investment.
- Refinance Existing Mortgage – Mortgage rates are at an all-time low. If you haven’t already done so, it might be a good time to refinance your mortgage, adding the solar expenditures.
- Same-as-Cash Financing – This type of unsecured financing offers 6 month or 12 month 0% interest financing, up to $45,000. This allows customers waiting on next year’s tax refunds to fund a project now with no interest and no payments.
- Tax-deductible FHA Solar Loans – Through our partnership with a local bank, we can help facilitate home improvement loans over a 5 to 20 year terms with no prepayment penalty. Tax deductible interest means a lower effective interest rate!
- Low-interest Unsecured Financing – Some banks offers low-interest unsecured financing. This is a good choice for those who have two mortgages or don’t want to tie up their home equity.
You don’t have to own the system to enjoy the benefits of clean energy. Some customers decide a solar lease or a power purchase agreement (PPA) structure is a better fit for them. With this type of structure, system maintenance, insurance, and performance are guaranteed by the lease company. Through a PPA, a customer can make low, monthly payments (oftentimes lower than their electric bill) over 20 or 25 years with a zero down option.
Brightstar Solar is a Massachusetts solar installer that can help you find the most appropriate method to fund a PV system. Through our contacts, we can connect you with low-interest loans and other creative solar financing for Massachusetts residents. Our company offers a complimentary solar evaluation so you can decide if solar power is right for your home or business. The Mass Solar Loan is not for “do-it yourself” projects and you must involve a licensed solar installer. Please contact us online or at 617-564-0050 to schedule an appointment.