MySolar home solar loan
Borrow for home solar panels and related battery storage in Massachusetts and neighbouring states, with an interest-only first year.
Esta oportunidade está atualmente disponível em inglês.
Finance a residential solar installation, including approved battery storage, tree removal and roof repairs. Site preparation, storage, roof repairs and other related costs together cannot exceed 50% of the installation expense. Solar systems that operate without a utility-grid connection are also eligible. Business and rental properties use a separate commercial offer.
You can borrow up to USD 100,000, depending on your credit score, for up to 20 years. Interest is fixed for the life of the loan and your rate depends on your credit score. The table effective 3 August 2026 lists APRs starting at 6.88% for 60 months, 7.38% for 120 months, 7.63% for 180 months and 7.88% for 240 months; rates can change before you apply.
UMassFive pays the money in two stages. For systems connecting to the utility grid, it pays 60% of the project cost for the installer down payment, plus approved related costs, then the remaining 40% once installation is complete and connection is confirmed. Checks are payable to you and the installer unless you authorize payment directly to the installer. For 12 months after the first payment, your monthly payments cover only the interest on the amount borrowed. After that, you repay the remaining borrowed money and interest through fixed monthly payments over the agreed term.
There is no origination fee or early repayment penalty. UMassFive registers a UCC1 lien, a security claim over the panels and inverters. Normally it does not put a lien on your home, although unusual circumstances can require one. After a 20% reduction in the loan principal, you may ask for the payment to be recalculated; there is no fee or limit on the number of these recalculations.
Eligibility
- The lending territory is Massachusetts and contiguous states: Connecticut, New Hampshire, New York, Rhode Island and Vermont.
- Before any money is paid out, provide a signed installation contract with an approved installer and become a UMassFive member. Both borrowers on a joint application must be members.
- Provide a shading analysis showing a Total Solar Resource Fraction (TSRF) of at least 60%: the system must achieve at least 60% of optimal output. Expected annual electricity generation cannot exceed 150% of the system owner’s annual electricity use.
- If you do not qualify through an eligible organization or a qualifying family or household connection, you can join CISA and UMassFive together. UMassFive arranges and pays for your CISA membership. Each borrower must purchase a USD 5 credit-union share, held in a savings account, to become a member.
How to apply
- Estado
- Aberto continuamente
- Condições do período de candidaturas
- Credit approval and membership required before disbursement.
Apply to UMassFive online, by phone or at a branch. You may request pre-approval before your installer finishes a proposal. Use the approved installer list before signing the installation contract required for disbursement. If you need the joint CISA membership route online, select “I am not sure” in the membership eligibility dropdown.