Mass Solar Loans
Solar Loans from $3,000 to $35,000 (0-10 Year Term) and Solar Loans from $35,001 to $60,000* (0-15 Year Term)
||Category 1 - Below 80% of State Median Income
||Category 2 - Below 120% of State Median Income
||Greater than 120% of State Median Income
Income-based thresholds are based on your income and household size. To determine which income category you fall into, visit http://www.masssolarloan.com/loan-support-incentives.
All loans will be secured by UCC recordings and assignment of SREC income.
*Minimum FICO score requirement of 660. Maximum debt to income ratio of 45%, based on net income.
**Annual Percentage Rate (APR) accurate as of 1/20/2018. Minimum loan amount $3,000. Maximum loan amount $60,000. Up to 12 months interest only during construction period, converting to fully amortizing principal and interest over the balance of the term. One-time right to re-amortize balance during the first 18 months from the date of project completion. Trust review and recording fees ranging from $150.00-$375.00. All loans subject to credit approval, and meeting Mass Solar Loan program guidelines. Financing available for primary residences located in Massachusetts only. Additional terms and conditions may apply.
The monthly payment would be approximately $10.48 per $1,000 borrowed based on 4.74% APR for 120 months.
The monthly payment would be approximately $7.77 per $1,000 borrowed based on 4.74% APY for 180 months.
The monthly payment would be approximately $11.22 per $1,000 borrowed based on 6.24% APR for 120 months.
The monthly payment would be approximately $8.57 per $1,000 borrowed based on 6.24% APR for 180 months.
Mass Save® HEAT Loans
***Some restrictions may apply. This offer is subject to credit approval and may be suspended or terminated at any time. Minimum loan amount is $500.00. APR refers to Annual Percentage Rate. The monthly payment would be approximately $11.90 per $1,000 borrowed based on 0.00% APR for 84 months. Trust review and recording fees ranging from $150.00 to $375.00 apply for properties held in trust. Eligible Mass Save HEAT Loan customers will need to obtain cost estimates from licensed contractors and submit them to the Home Assessment Vendor for approval.
Customers must meet program eligibility requirements to participate. Eligibility for the HEAT Loan Program is based on completing a Home Energy Assessment and pre-approval. Some restrictions apply and offers are subject to change or cancellation. Financing is subject to credit approval. Additional
terms and conditions apply. Visit MassSave.com/HEATLoan or call 1-866-527-SAVE (7283) for details and to learn more about the program.
The Rhode Island 0% Financing Program offered by National Grid
****Loans greater than $15,000 have a minimum FICO Score requirement of 660 and maximum debt to income ratio of 45%, based on net income.
BankFive NMLS #525575 • Member FDIC • Member DIF • Equal Housing Lender