Solar electricity is often a cost-effective way for homeowners to reduce energy costs, while also reducing the environmental impact of fossil fuels. UMassFive participates in the Mass Solar Loan Program, and is excited to announce the development of our own MySolar Loan. Each loan has great benefits including; equity not being tied up in your home, no closing costs, and a simplified closing process.
UMassFive is one of the few federally-regulated solar lenders in Massachusetts. Other traditional lenders will seek to put a lien on your home, using-up your available equity and making it more difficult to sell or refinance your home.
Equity Won't Be Tied Up In Your Home
Adding solar energy in your home won't tie up any equity in your home.
No Closing Costs
With no origination fees, you'll enjoy extra savings at the start of the loan.
Simplified Closing Process
We make closing on your loan quick and easy. Applying is easy, too. For most loans, the entire process can be performed from the comfort of your home or office.
Solar Financing Options
Let our solar expertise work for your needs. To learn more about which Solar Financing option is right for you, we recommend you first consult with your installer. Any questions? Email us at SolarLoans@UMassFive.coop, call us at 800-852-5886, or visit a UMassFive branch so we can help you decide the solution that will best fit your solar electricity needs, your budget, and your financial life.
1. The Clean Energy Center provides Income Based Loan Support (grants to pay down the loan) if household income is at or below 120% of the median Massachusetts income. The CEC also provides an Interest Rate Buy Down of 1.50% if household income is at or below 80% of Median Massachusetts income. More information can be found at http://www.masssolarloan.com/loan-support-incentives
2. Only a lien will be placed on the solar equipment, not on your home, unless unusual circumstances exist.
3. Site preparation, roof repair, and other related costs are limited to 15% of the installation expense.
4. 35% of loan proceeds are disbursed upon project approval by the CEC. The remaining 65% is disbursed upon project completion (as certified by the CEC).
5. 30% of loan proceeds are disbursed upon contract signing with installer; 30% disbursed after permits issued; 40% disbursed upon utility interconnectivity.
6. A copy of the shading analysis is required to ensure the system will meet the 70% optimal output for the Mass Solar Loan or 65% for the UMassFive Solar Loan.
7. Expected annual system production may not exceed 125% of the System Owner’s annual electricity consumption for the Mass Solar Loan or 150% for the UMassFive Solar Loan.
8. The CEC reviews and approves the technical specifications of the installation, ensures the project has been completed properly, and vets the installers.
9. UMassFive permits an unlimited number of re-amortizations (recasting/lowering the payment) after a 20% principal reduction is made.