MySolar Loans
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.
Allowable Costs
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
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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%!
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MySolar Loan Rates
| Annual Percentage Rate (APR) | Max Term | Limit |
|---|---|---|
| Rates Starting At... | ||
| 7.88% | 60 Months | $75,000 |
| 8.38% | 120 Months | $75,000 |
| 8.63% | 180 Months | $75,000 |
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Features at a glance... |
| Maximum Loan | $75,0001 |
| Maximum Term | 15 Years |
| Origination Fees | None |
| Interest Only Period | 12 Months |
| Lending Territory | MA+ Contiguous States |
| Low Income Subsidies | No |
| Mortgage Required? | No2 |
| Allowable Costs | Installation+Tree Removal & Roof Repair3 |
| Disbursements | Two4 |
| "Off Grid" Financing? | Yes |
| Minimum Efficiency (TSRF)4 | 60%5 |
| Maximum Production5 | 150% of Consumption6 |
| Project Oversight | No |
| Application/ Loan Closing Process | 100% Online7 |
| Pre-payment Penalty | No |
| Re-amortization Max/ Fee6 | No Limit/ No Fee8 |
Payment Example: 7.88% for 60 months equals $20.23 per $1,000 borrowed.
1. Maximum loan amount is based on your credit score.
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. 60% of loan proceeds are disbursed upon contract signing with installer; 40% disbursed upon utility interconnectivity.
5. A copy of the shading analysis is required to ensure the system will meet the 60% optimal output.
6. Expected annual system production may not exceed 125% of the System Owner’s annual electricity consumption.
7. Online application excludes Commercial Solar Loans. Please contact our Commercial Services Division at 413.588.5856 to apply.
8. 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?
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For disclosures and additional details, visit here.
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