Official Credit Union of UMass Athletics

Official Credit Union of UMass Athletics

Solar House

Solar Loans

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

Solar Icon  Mysolar R1 04 Solar Icon  Mysolar R1 04
Maximum Loan $60,000 $75,000
Maximum Term 10 Years 15 Years
Origination Fees None None
Interest Only Period Typically 2-4 Months 12 Months
Lending Territory MA only MA+ Contiguous States
Low Income Subsidies Yes1 No
Mortgage Required? No2 No2
Allowable Costs Installation Costs Only Installation+Tree Removal & Roof Repair3
Disbursements Two4 Three5
"Off Grid" Financing? No Yes
Minimum Efficiency (TSRF) 6 70% 65%
Maximum Production 7 125% of Consumption 150% of Consumption
Project Oversight Yes8 No
Application/ Loan Closing Process 100% Online 100% Online
Pre-payment Penalty No No
Re-amortization Max/ Fee 9 No Limit/ No Fee No Limit/ No Fee

Next Steps

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.