As its term comes to a close, the solar-friendly Patrick administration has finalized a $30 million Mass Solar Loan program that is intended to make it easier for homeowners to finance solar electric projects on their homes.
Mass Solar Loan will be launched in partnership with the Massachusetts Clean Energy Center (MassCEC), which will serve as the program's central administrator. Beginning early this year, local lenders will be able to sign up to participate in the program, which is scheduled to begin providing loans this spring.
The loans will be available for solar installations on single-family homes and on residential buildings up to three units, as well as for participants with an ownership stake in community solar projects. It will provide greater credit enhancement for moderate-income customers and those with lower credit scores, encouraging lenders to serve these customers.
The funding committed to the program comes from alternative compliance payments paid by electric retail suppliers if they have insufficient renewable or alternative energy certificates to meet their compliance obligations under the commonwealth's renewable and alternative portfolio standard programs.
The launch of Mass Solar Loan coincides with the planned sunset of MassCEC's Commonwealth Solar II rebate program, which has provided rebates for more than 10,500 small-scale solar electric projects for homes and businesses across Massachusetts since 2010.
‘With the price of residential solar dropping steadily over the past few years, there has never been a better time to adopt solar energy,’ says Alicia Barton, CEO of MassCEC. ‘The launch of Mass Solar Loan will make it even easier for more residents to tap into the economic and environmental benefits of solar electricity, while creating more local jobs.’
