Solar loan
Borrow $3,000–$100,000 for a resident-owned, grid-connected solar electricity system if you meet the Massachusetts borrower and credit union membership conditions.
Tämän rahoitusmahdollisuuden kuvaus on toistaiseksi englanniksi.
The loan pays for installing solar panels that generate electricity. You repay the borrowed money over a standard term of 5, 10 or 15 years. There are no closing costs, and an unsecured loan option is available, meaning you can borrow without pledging collateral.
During construction, you can make interest-only payments for up to 12 months; these payments cover interest without reducing the amount you borrowed. You can also have the remaining loan repayments recalculated within the first 18 months at no cost. Your interest rate depends on your creditworthiness and loan term. A loan payment returned unpaid carries a $29 fee.
Eligibility
- You must be a Massachusetts residential property owner or a Massachusetts resident and meet Franklin First’s loan qualification standards.
- Franklin First membership is open to people who live, work, worship or attend school in Franklin County, Massachusetts. Once you join, you can remain a member after moving away if you keep the minimum balance of one share.
- The resident must own the solar electricity system, and it must connect to the electricity distribution grid. Third-party leases and power purchase agreements, where another party owns the system and sells you its electricity, do not qualify.
- The system must not have previously received incentives from the Massachusetts Clean Energy Center.
How to apply
- Tila
- Jatkuva haku
Get an installer’s price quote, choose an installer and sign a solar installation contract. Then complete your loan application with Franklin First through its online loan application, starting with an email address you can access.
When the loan closes, Franklin First pays out 65% of the loan for initial construction costs. You receive the remainder after the system connects to your utility.