Solar Loans

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Financing solar panels just got easier.

There are plenty of environmental and financial advantages when switching your home to solar energy. By financing your solar power system through BankFive, you’ll get the competitive rates and exemplary service you expect, all while doing your part to promote clean energy.

Fixed interest rates
Various term lengths available
Borrow up to $75,000¹
Only residential solar electric systems are eligible
Third-party lease or power purchase agreements for solar are not eligible
Solar electric systems must be connected to the electricity distribution grid

If you’re interested in financing solar panels for your home, here are some next steps:

Select a solar installer².
Retain a copy of your signed solar installation contract (you will need to provide it during the solar loan application process).
Apply for solar financing.

¹Some restrictions may apply. This offer is subject to credit approval and may be terminated at any time. Minimum loan amount is $10,000.00. Maximum loan amount is $75,000.00. Copy of signed solar installation contract must be provided during time of application. Loans are available to residents of Massachusetts and Rhode Island. Minimum FICO score requirement of 700. Maximum debt to income ratio of 45%, based on net income. Loans will be secured by UCC filings recorded with the State and Registry of Deeds on solar panels. BankFive shall offer, at no cost to the borrower, a one-time right to re-amortize the loan. To release UCC liens the borrower is responsible for recording the discharges and discharge recording fees associated.

²BankFive is released from any liability from the selection of the solar panel installation company. Borrowers are solely responsible for the selection and approval of the installer and work to be completed. Funds will be disbursed directly to the installer and will be disbursed in two installments: 60% will be disbursed at loan closing, and the remaining 40% will be disbursed once BankFive receives confirmation of solar installation completion and connection to the electricity distribution grid.

BankFive NMLS #525575 • Member FDIC • Member DIF • Equal Housing Lender

Homeowner Resources

Jun 08

It's the personal interaction of your service providers. Excellent! 👍

Marylen

May 29

Friendly and efficient service.

Apr 16

I went through BankFive for the Energy Saver Home Loan Program MA is offering for low to moderate income home owners. The BankFive end of things was super easy! They have an app that works great and makes loan payments simple, too. Everyone at BankFive has answered questions in a timely fashion and been helpful throughout the process, which is new for everyone right now.

Emily Eh

Jan 25

My application for the heat loan from Bank 5 was handled in very professional and competent fashion. After I provided answers to all qualifying questions loan was approved in a day and I received checks through certified mail few days later.

Ryszard Czerminski

Dec 11

You serviced my zero interest loan for a heating system..the process was easy and pleasant

Susan

Dec 03

Excellent service. It was easy and pleasant getting a Mass Saves heat loan.

E Seda

Aug 15

Great experience. Got a HEAT loan and it took 24 hrs from application to closing. Krystal was fantastic and made everything effortless.

Customer

Aug 01

I called to find out about applying for a Heat Loan and to open a few accounts. I made an appointment with Catarina Camara at the ACUSHNET Ave branch for Saturday at 9 am. I met with her and she opened my accounts and took the application for the Heat loan. She was so friendly and efficient. She answered all my questions and offered me the best rates possible. The heat loan closed within 3 days and I didn’t even need to go into the branch. We electronically closed on the loan and the check has been mailed. I also signed up for online banking and a debit/ATM card. Catarina was amazing and highly recommend her as a representative of the bank. She is sincere and so helpful!!!

Denise

Apr 30

Quick and painless heat loan approval

George

Mar 05

Amazing Bank with an AMAZING staff! Worked with BankFive to secure a MA SAVE Heat Loan. Closed in 1 week via DocuSign. Great experience. Highly Recommend!

Mark

Oct 11

Krystal and Ana were great to work with on my MassSave HEAT loan. Krystal was able to give me some initial information by phone that made it quick and easy to fill out the online form that is the first step in the process. Ana took over seamlessly for a few days when Krystal was out and kept the ball rolling. They both responded quickly and fully to any questions I had and kept me looped in as my approval progressed. I highly recommend BankFive to anyone looking at a MassSave HEAT loan.

A. Keith

Jul 25

Took out a HEAT loan using the online process. It was very efficient and the agent took care of everything very expeditiously.

Greg

Jun 23

Having been given a list of banks administering heat loans, I was lucky enough to pick BankFive and to be put through to Kyle Marois. From the start, Kyle was unfailingly helpful in helping us navigate the information requirements of the loan and his professional skills and optimistic disposition made the process almost easy. When hiccups came along the way - and a few did as my husband was out of the country when the loan closed - Kyle immediately worked out solutions. We really cannot recommend Kyle highly enough.

Judith

May 25

I had a great experience working with Mitchell Santos at the North Branch on my MassSave heat loan. After I completed the initial application online, he followed up within a couple hours requesting the documents he needed and within less than 24 hours of sending the documents, he had all the paper work completed and was able to send out the check the next day. It was a very easy and smooth process and he was a pleasure to work with on the loan. I will definitely return to Bank 5 for my next loan.

Carolyn Talmadge

Apr 28

Mitchell From Bank 5 is the best! He guided me thorugh the process , explained every detail and helped me get my MA Heat Loan in timely manner! I 100% reccomend both Bank5 and Mitchell!

Juan Cano

Apr 13

Bank 5 was easy to work with and the turn around time for our Mass Save heating loan was excellent. I highly recommend them for your loan needs.

Juan Sepulveda

Mar 24

I was not a prior customer, but I applied for a loan for a heat pump and extra insulation. The Branch Manager, Nancy Coelho, despite (I am sure) being pretty busy, was very pleasant, welcoming, helpful and never seemed rushed, at the same time that she was efficient and accomplished the business very expeditiously. I can't say enough - it was a great experience. Thank you!

Elizabeth Nestor

Feb 01

Mitchell was very helpful and pleasant. The process went quickly and smoothly to get a my Heat Loan.

Jennifer Fuentes Jenn

Jan 07

Honestly one of the easiest banking experiences ever. Mitchell communicated quickly and effectively for us to close our loans in the matter of days. Highly recommend for the heat Loan.

Derrick Barrows

Jul 07

The loan officer I worked with was respectful, responsive, and efficient. There was minimal time between applying for the loan, receiving updates and the arrival of our check.

John

June 13 2025

Marissa Scott —

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