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MySolar Information for Installers

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UMassFive is proud to offer solar financing through our own MySolar Loan, and we make it easy for installers and consumers alike. Please familiarize yourself with the information below as it will ensure a smooth transaction for you and your clients.

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Key Components of the MySolar Product Include:

Origination Fees None
Disbursement Schedule 30% upon signed contract; 30% upon permitting; 40% upon interconnectivity
Disbursement Method 2-party check payable to borrower and installer; borrower can authorize direct payment to installer via single party check or ACH
Maximum Loan Amount $75,000 for borrowers with credit scores of 750 or above. Lower maximums for borrowers with lower scores
Minimum Credit Score Not applicable - Each loan is individually underwritten
Interest-only Period Full 12 months
Maximum Amortizing Term 15 years
Rates Fixed rate as low as the Prime Rate plus 0.00% (credit score of 750 or greater for 5 year term); higher rates apply for longer terms and lower scores
Site Preparation Costs Costs allowed for tree removal, roof repair, etc. up to 15% of the Project Cost
Minimum TSFR 65%
Maximum Overproduction 150% of existing consumption
Geographic Territory Massachusetts and contiguous states
Consumer Portal The entire loan process can be accomplished digitally
Installer Portal Document upload through secure FTP site
Other Requirements Borrowers must join UMassFive prior to disbursal of any funds

Becoming an Approved MySolar Installer

There are three ways for Solar Installers to become eligible for MySolar client financing:

  1. All Expedited installers in the MA Clean Energy Center's Mass Solar Loan program are automatically eligible.
  2. All installers certified by the North American Board of Certified Energy Practitioners (“NABCEP”) are eligible upon receipt of the Installer Questionnaire and cover page of your general liability policy.
  3. All others must be vetted and provide completed Installer Questionnaire, coverage page of general liability policy, and Master electrician license

Installer Procedures and Disbursement Schedule

Inquiries: Please send inquiries to SolarLoans@UMassFive.coop

Disbursement Schedule: Please provide us with the following documentation in order to initiate a disbursement.

Event Contract Signed Permit Obtained Connectivity Achieved
Amount Disbursed 30% 30% 40%
Documents Required Contract, Shading Report/Analysis, Recent electric bill Town-issued electrical and building permits Authorization to Interconnect from utility, installation photo

Document Delivery Instructions:

  1. Upload to http://umassfive.leapfile.net/
  2. Enter “SolarLoans@UMassFive.coop” as email address (not case sensitive)
  3. Complete Secure Upload details
  4. Click Select Files to Send
  5. Browse your computer to select files for upload
  6. Hit Upload and Send when complete

Understanding Credit Union Membership

UMassFive is a not-for-profit financial cooperative, and as such, can only make loans to members of the cooperative. All borrowers on a MySolar Loan from UMassFive must be members prior to any loan disbursal. If there are joint applicants on the Solar Loan, both borrowers must be members. We can pre-approve your client at any time, but no funds can be disbursed prior to them becoming members.

Membership in UMassFive is available to everyone. Eligibility is available to the employees, students, alumni, or members of select employer groups, schools, and associations. Family members of eligible members may also join the Credit Union. So, if your parents, grandparents, children, spouse, or siblings are eligible to join UMassFive, so are you. Click here for membership eligibility information.

If your client does not meet the criteria above all they will need to do is join a sponsoring organization first. This can be done for as little as $35 by joining the Community Involved in Sustaining Agriculture (CISA). For a little more, they can join the River Valley Co-op, Leverett Village Co-op, or other sponsoring organization. CISA has an online membership application, while a River Valley Co-op membership application can be found online and mailed in. Both River Valley Co-op and the Leverett Food Co-op accept in-person applications as well.

Once they are eligible to join UMassFive, they may do so by applying online, over the phone, or visiting one of our branches.

The project will be eligible for funding once each borrower has purchased a $5 share in the Credit Union. The share will be maintained in a savings account and entitles them to all the services of the Credit Union...like getting a solar loan!