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Solar Loans

We'll help you see the light.

There are plenty of environmental and financial advantages when switching your home to solar energy. By financing your solar power system through BankFive, you'll get the competitive rates and exemplary service you expect, all while doing your part to promote clean energy in our little corner of Massachusetts.*
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GOING SOLAR?
Explore the differences between buying and leasing your solar panels. Learn More

Go green with BankFive and the Mass Solar Loan Program:

  • Loans from $3,000 to $35,000 available for terms up to 10 years
  • Loans from $35,001 to $60,000** available for terms up to 15 years
  • Are you a business owner interested in going solar? Learn more about our solar financing for businesses.

If you already have your Technical Confirmation Document, you can apply for your Solar Loan online. If not, here's how to get your document:
 
  1. Receive a solar price quote from a pre-qualified Mass Solar loan installer. Use this list to find an eligible installer.
  2. Select an installer and sign a solar installation contract. Your contract should be contingent on receiving your loan.
  3. Complete your Mass Solar Loan technical application with your installer. Once your application is submitted, you'll receive a Technical Confirmation Document via email.

Loans will be secured by UCC recordings and Assignment of SREC income.
*BankFive Solar Loans are currently only available in Massachusetts
**Minimum FICO score requirement of 660. Maximum debt to income ratio of 45%, based on net income.
 BankFive NMLS #525575 • Member FDIC • Member DIF • Equal Housing Lender

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Mass Solar Loan Eligibility Requirements
  • Only residential solar electric (photovoltaic, or PV) systems are eligible.
  • Third-party lease or power purchase agreements for solar are NOT eligible.
  • Loan recipients must be Massachusetts residents.
  • Loan recipients must meet lender-defined loan qualification standards.
  • Solar electric systems must be connected to the electricity distribution grid.
  • Solar electric systems may not have previously received incentives from the Massachusetts Clean Energy Center.
  • Homes must have had a residential energy audit within the past five years, or have one scheduled at the time of loan closing.
For additional information, see the Mass Solar Loan site.
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