UMass Amherst Branch Closed May 20, 2022. Please note our UMass Amherst campus branch will be closed for the remainder of the week. Members are welcome to visit our Hadley Branch for any of your banking needs, and are encouraged to schedule an appointment in advance. As always, our online and mobile banking services remain available for your convenience, which includes the ability to deposit checks using our mobile banking app.
For a brighter future.
Bring clean, renewable energy to your home without using any of your home's equity.
High Max and Long Terms
With a high maximum amount to borrow and long terms, you can finance any project to suit your needs with a MySolar loan.
Not only does the MySolar Loan cover the cost of installation, but also tree removal and roof repair.
Non-Owner Occupied? No Problem!
Looking to upgrade a business or rental property with clean energy? You can keep costs down for you and your tenants.
If you're looking to get some panels installed on your business or rental property, we've got you covered with our Commercial Sustainability options
Lower Your Rate Even More With Co-op Points
That's right. With 2,500 Co-op Points, you can reduce your MySolar Loan rate by 0.25%. Do you have 5,000 Points? You can reduce that rate by up to 0.50%!
MySolar Loan Rates
|Annual Percentage Rate||Max Term||Limit|
|Rates Starting At...|
|Features at a glance...|
|Maximum Term||15 Years|
|Interest Only Period||12 Months|
|Lending Territory||MA+ Contiguous States|
|Low Income Subsidies||No|
|Allowable Costs||Installation+Tree Removal & Roof Repair2|
|"Off Grid" Financing?||Yes|
|Minimum Efficiency (TSRF)4||65%|
|Maximum Production5||150% of Consumption|
|Application/ Loan Closing Process||100% Online|
|Re-amortization Max/ Fee6||No Limit/ No Fee|
1. Only a lien will be placed on the solar equipment, not on your home, unless unusual circumstances exist.
2. Site preparation, roof repair, and other related costs are limited to 15% of the installation expense.
3. 60% of loan proceeds are disbursed upon contract signing with installer; 40% disbursed upon utility interconnectivity.
4. 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.
5. 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.
6. UMassFive permits an unlimited number of re-amortizations (recasting/lowering the payment) after a 20% principal reduction is made.
Ready to apply for your MySolar Loan?