Solar Loans for Your Home
Considering switching your home to solar energy? Now is the time to reduce your utility bills and reap the financial and environmental benefits a solar power system and solar panels can provide. Go solar now with BankFive and the Mass Solar Loan program!
All loans will be secured by UCC recordings and assignment of SREC income.
*Minimum FICO score requirement of 660. Maximum debt to income ratio of 45%, based on net income.
Already have your Technical Confirmation Document? Call 774-888-6100 or click below to apply now!
If you don't already have your Technical Confirmation Document, simply follow the steps below:
1.) Receive a solar price quote from a pre-qualified Mass Solar Loan installer. A list of eligible installers can be found here.
2.) Select an installer and sign a solar installation contract. Your contract should be contingent on receiving your loan.
3.) Complete your Mass Solar Loan technical application with your installer. Once your app is submitted, you'll receive a Technical Confirmation Document via email.
4.) Apply for your BankFive Solar Loan. You'll need to provide us with your Technical Confirmation Document.
Mass Solar Loan Eligibility Requirements(more information can be found at MassSolarLoan.com)
- Only residential solar electric (photovoltaic, or PV) systems are eligible.
- Third-party lease or power purchase agreements for solar are NOT eligible.
- Loan recipients must be Massachusetts residents.
- Loan recipients must meet lender-defined loan qualification standards.
- Solar electric systems must be connected to the electricity distribution grid.
- Solar electric systems may not have previously received incentives from the Massachusetts Clean Energy Center.
- Homes must have had a residential energy audit within the past five years, or have one scheduled at the time of loan closing.
**Annual Percentage Rate (APR) accurate as of 7/11/17. Minimum loan amount $3,000. Maximum loan amount $60,000. Up to 12 months interest only during construction period, converting to fully amortizing principal and interest over the balance of the term. One-time right to re-amortize balance during the first 18 months from the date of project completion. Trust review and recording fees ranging from $150.00-$375.00. All loans subject to credit approval, and meeting Mass Solar Loan program guidelines. Financing available for primary residences located in Massachusetts only. Additional terms and conditions may apply.
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