April 23, 2020

MassCEC10 - Mass Solar Loan has enabled the installation of over 5,000 solar electric systems

Kaveri Gowda - Solar Programs Fellow

Over the past ten years, MassCEC has supported solar photovoltaic (PV) installation through a variety of deployment programs, including the Mass Solar Loan program, launched in late 2015 as an effort to expand customer access to solar. We are excited to announce that over 5,000 Mass Solar Loan solar electric systems have been installed in just four short years! Over 2,600 of those systems were installed at the residences of low to moderate income customers.

Since launching, Mass Solar Loan has reached all corners of Massachusetts, assisting the spread of solar development throughout the state, and expanding access to solar PV financing through income-based incentives. By connecting customers with local lenders offering solar loan products, the program aims to alleviate the high upfront cost of installing solar, a common barrier for customers.

The program, which has awarded over $28 Million to income eligible residents, was launched in partnership between the Massachusetts Clean Energy Center and the Massachusetts Department of Energy Resources, and now involves over 100 solar installers and has reached almost every town in the state of Massachusetts.

For low income participants, in addition to a loan principal reduction, the Mass Solar Loan Program offers an interest rate buy-down and loan loss reserve. These incentives help more people participate in the solar market, especially because installation affordability is such a common concern for low income residents looking to save on energy costs.

Through Mass Solar Loan and other programs, MassCEC has been able to make clean energy more accessible to the residents and communities of Massachusetts. For further information, check us out at www.masssolarloan.com and www.masscec.com!