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Mass Solar Loan

  • Minimum Mass Solar Loan amount $ 3,000.00
  • Maximum Mass Solar Loan amount $ 50,000.00
  • Application fee is 1% of total loan amount (calculated BEFORE IBLS is applied if applicable)
  • Minimum qualifying credit score – 720
  • Maximum Debt To Income (DTI) 40%
  • Credit Standards – No current delinquencies; a written letter of explanation is suggested on any credit trade-line reported as delinquent within the most recent twelve (12) months.
  • Underwriters at their discretion may document credit analysis by including a memo to the file.
  • Collateral – Filing of a UCC on solar equipment, AND an assignment of the SRECS.


Borrower Eligibility (System Owner)

  • Borrower(s) must be a Massachusetts property owner
  • Loan must be intended to finance the purchase of a Solar PV Project to be installed at their home OR purchased as a share in a CSS project
  • Only NEW Solar PV Projects or NEW “add ons” to an existing project are eligible.
  • Borrowers who live in an investor owned utility territory MUST demonstrate by self-attestation that they have had a Mass Save Energy Audit in past five (5) years, or have one scheduled. Borrowers living in a municipal light plant territory MUST demonstrate by self-attestation that they have had a residential energy audit in the past five (5) years, or have on scheduled.
  • Borrower / SO must be the consumer of electricity generated by the proposed project.


Property Eligibility

  • Property must have a RESIDENTIAL utility rate – (Residential end use, ie, no commercial buildings are permitted)
  • Eligible property types include: Single Family homes, Condos* (individual condo units), two (2) and three (3) family homes, IF the same person (BORROWER) owns all units and occupies 1 of the units.
  • NO commercial or 4+ unit are eligible
  • NO properties owned by a corporation or in an LLC are eligible UNLESS in the case of an LLC the ownership structure is SOLELY for the ownership of the property and the LLC member(s) live in the property.
  • Trusts ARE eligible provided the property and SO meet all other eligibility requirements and qualify for the loan.