Mass Solar Loan - Cheat Sheet
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Comparison of Mass Solar Loan Lenders and their Rates
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This shared spreadsheet provides a comparison of all available Mass Solar Loan lenders and available rates AFTER the state-funded rate buy down.
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The information is provided for educational purposes only and was lasted updated September 7, 2016. Rates are subject to change and customers should refer directly to documentation provided by the lender to understand the obligations and terms of a potential loan.
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If you have more current info based on your research, please let us know at solarizenatick@gmail.com and we'll update the spreadsheet.
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Banks are ordered based on the number of loans they have signed through the Mass Solar Loan program.
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Here is a link to the Mass Solar Loan website.
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Interest Rates by Term*
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$5,000-$35,000**
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BankHQ LocationNearest Branch OfficeContact NamePhone Number5 yrs10 yrs15 yrsOffers solar loans for more than $35,000?Accepts Electronic Signature for ClosingLien on Property/House?Closing Costs?Pre-Payment Penalty?Other Important InformationOther RequirementsWebsiteLink to Online Application
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Equitable Bank (formerly Weymouth Bank)
East Weymouth
Weymouth
Jennie Jones
(jennie.jones@equitablebank.com)
TBD1.25%1.25%1.25%Yes, up to $50,000.No, you need to go to the bank and sign in-person.No, but they will file a Uniform Commercial Code (UCC-1) lien on the equipment and consider the Solar Renewable Energy Credits (SRECs) as collateral.1% of loan, not to exceed $500NoneAdditional info is forthcoming. Weymouth Bank recently merged with Equitable Bank. They recently began accepting new solar loan applications again. We are awaiting further detail to provide a full comparison.TBDWeymouth recently merged with Equitable Bank. They began accepting solar loan customers again on 9/6, but have not yet updated their website.The following application can be emailed to jennie.jones@equitablebank.com: https://drive.google.com/file/d/0B4Vo6xDvEMCMeHVnTXotdDFrYllRZ09ZYm9scFpJR2VhUlFv/view?usp=sharing
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UMassFive College Federal Credit Union
HadleyWorcestorNo specific contact
800-852-5886
3.25%3.25%Yes, but these are not part of the Mass Solar Loan program.Yes, through Docusign.NoNoneNoneYou must become member of the credit union to qualify. This credit union is open to all through one-time $30 donation or through affiliation with five colleges (e.g., (you or a child is an alum).https://www.umassfive.coop/products/loans/mass-solar-loanhttps://cs.loanspq.com/Consumer/login/default.aspx?enc2=CjDDGQgp6ViDEpMSQAmj1EwE9cDtBv3JMOL0porH1IwZBMqHShOXGxlass3Z0qVripNJh33-O3-qqgz5pD4CoiyMgi_VmySNyMnoscfoPvmECLpp9556eusMybeVc9qjHVnjyVLWghdqSokmFlMGH7gGvtHV6iCZowIwXm2Y4Nk
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Avidia Bank/BlueWaveHudson
Westborough
Aly Garvin
617-418-4001
1.89%1.89%NoYes, through Docusign.No, but they do take a lien on the Solar Renewable Energy Credits (SRECs). If you default on your loan, BlueWave retains your SRECs.NoneNoneIf you open a checking account with Avidia and use it to sign up for automatic payments, you can reduce your interest rate from 1.89% to 1.64%.Customers must sign up with the BlueWave SREC program. You must have a 681 FICO score or above and debt to income ratio of under 50% to qualify.https://www.avidiabank.com/personal/solar-loanshttps://forms.bluewaverenewables.com/381458
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Bank FiveFall RiverSwanseaMelissa Vincent (melissa.vincent@bankfive.com)
774-888-6231
2.99%2.99%Yes, they offer the Expanded Solar Loan program for loans from $35,0001 to $60,000. Interest rates vary based on term.No, you need to go to the bank and sign in-person.NoNoneNoneInterest rate does not vary by credit score.Has a minimum loan amount of $3,000.http://www.bankfive.com/home/misc/solar_loanshttps://www.bankfive.com/home/personal-banking/personal-loans/apply
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Clinton Savings BankClintonBerlinNo specific contact
888-744-4272
3.00%3.00%Unknown, awaiting feedback from Clinton Savings Bank.Unknown, awaiting feedback from Clinton Savings Bank.No, but they will file a Uniform Commercial Code (UCC-1) lien on the equipment.NoneNonehttp://www.clintonsavings.com/loans-credit/personal-loans/mass-solar-loans.htmlhttps://clintonsavings.loanwebcenter.com/Account/Login?ReturnUrl=%2fApplyNow
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Naveo Credit UnionSomervilleSomervilleElizabeth Cabral (ecabral@naveo.org)

Albert Pinhno (apinhno@naveo.org)
617-702-5101
1.00%1.75%2.75%Yes, but these are not part of the Mass Solar Loan program.No, you need to go to the bank and sign in-person.It depends based on the loan amount or credit score. If your loan is more than $35,000, you will need a mortgage lien. Other loans may require a Uniform Commercial Code (UCC-1) lien. Details are available on their website. It depends on the size of the loan. A $35,000+ loan that requires a mortgage lien will cost $400. If a UCC lien is required, the cost is $50-$75.NoneYou are not required to open an account with Naveo. They will verify income (require last two years of tax returns and/or rental income, if applicable). Please note that Naveo's rates vary by credit score. Further details are available on their website.You must join Naveo Credit Union to qualify. If you live in Natick, you qualify for membership because you live in Middlesex County. https://www.naveo.org/personal/loans/mass-solar-loanhttps://secure.loanspq.com/consumer/login/default.aspx?enc2=iSWJzH429lsQnZMCJpKt_ZCXzpEjx4jaJGGLYhf63bk0ToZCngqoUmUobj_TAoofsQ6TPhxxXYxsTBpK0SS2g_qHwO4v3rHCwrfcP7o7YoXGwIP4UsSXi2B3IO633T0Nhz80n5Tey013z7EJHcZgL8DBEUxGoCUCCU5v88TOmqyV0rN2k4wsVltoo67072rnzPeZfIe2-qqEOh8_dAKWPH23ohJ0XMgGInyGaL-OELv8gTDxgzzqUIZnrHWgaCl0
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Stoughton Co-Operative BankStoughtonStoughtonChris Milne
(781) 344-3080
2.49%2.99%3.25%Yes, but these are not part of the Mass Solar Loan program.No, but they will accept signature in front of a notary. Originals need to be sealed and sent by the notary to Stoughton Co-Operative Bank.YesNoneNoneWill lend up to $60,000 for 5, 10 and 15 year terms. Applicants must have an 80% loan to value ratio.Does not make adjustments for credit scores and would be willing to do more than one ammoritzation.https://www.stoughtoncoop.bank/CustomContent.aspx?Name=Solar%20LoansCall (781) 344-3080 to apply
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Sharon Credit UnionSharonSharonNo specific contact
781-784-7725
2.75%2.75%Yes, up to $60,000 at the same interest rate. No, you must come and sign the document in-person and join the credit union.Yes, if the loan is over $35,000.None, unless an appraisal is needed to check the value of the home. Then you would pay the cost of the home appraisal. If your loan to value is 80% or 95% of an appraised value minus liens on the property.NoneInterest rates vary based on credit score. 760 or higher = 2.75%, 700-750 = 3%, 640-700 = 3.25%You must join the Sharon Credit Union and open a savings account with a minimum of $5.https://www.sharoncu.com/personal_banking/loans/other-consumer-loans/#solarhttps://application.sharoncu.com/consumer/login/default.aspx?enc2=iSWJzH429lsQnZMCJpKt_ehlzZ_tTTzct_O2gbZ9eAIdkLxzh9QTjaNVT8BjXRfZEZ2NBqk7YLnkIPSjDeHLA-ZXdc8sjiuuc8E2E0A6NiiKPci8HraUZaOQ7N44Vg5GLK7C0xQE5U-LUnB5vS6TljVzJ0AVjsh73goaL1tdaVgQ0-Q6Ly-ME2giH3vx0zVCo3tNt3mku17yh6mz6ev3MUVNJjk7Y6b4YAUmZairvmoZ_kX_MEADVVBK8t4JIGdD
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*Interest rates based on credit score of 720 or better; rate may vary by credit score for some lenders, as noted in the "Other Important Information" column.
**Note, some banks will offer loans as little as $3,000, but many will not.
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The following banks were previously offering the Mass Solar Loan, but have stopped accepting applications until further notice.
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North Brookfield Savings Bank
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These credit unions offer Mass Solar Loans, but have specific membership criteria that would exclude the majority of Natick residents.
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Shrewsbury Federal Credit Union
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Franklin First Federal Credit Union
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First Citizens' Federal Credit Union
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All Banks - Mass Solar Loan