Comparison of Mass Solar Loan Lenders and their Rates
This shared spreadsheet provides a comparison of all available Mass Solar Loan lenders and available rates AFTER the state-funded rate buy down.
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.
If you have more current info based on your research, please let us know at email@example.com and we'll update the spreadsheet.
Banks are ordered based on the number of loans they have signed through the Mass Solar Loan program.
Here is a link to the Mass Solar Loan website.
|Interest Rates by Term*|
|Bank||HQ Location||Nearest Branch Office||Contact Name||Phone Number||5 yrs||10 yrs||15 yrs||Offers solar loans for more than $35,000?||Accepts Electronic Signature for Closing||Lien on Property/House?||Closing Costs?||Pre-Payment Penalty?||Other Important Information||Other Requirements||Website||Link to Online Application|
Equitable Bank (formerly Weymouth Bank)
|TBD||1.25%||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 $500||None||Additional 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.||TBD||Weymouth 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 firstname.lastname@example.org: https://drive.google.com/file/d/0B4Vo6xDvEMCMeHVnTXotdDFrYllRZ09ZYm9scFpJR2VhUlFv/view?usp=sharing|
UMassFive College Federal Credit Union
|Hadley||Worcestor||No specific contact|
|3.25%||3.25%||Yes, but these are not part of the Mass Solar Loan program.||Yes, through Docusign.||No||None||None||You 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-loan||https://cs.loanspq.com/Consumer/login/default.aspx?enc2=CjDDGQgp6ViDEpMSQAmj1EwE9cDtBv3JMOL0porH1IwZBMqHShOXGxlass3Z0qVripNJh33-O3-qqgz5pD4CoiyMgi_VmySNyMnoscfoPvmECLpp9556eusMybeVc9qjHVnjyVLWghdqSokmFlMGH7gGvtHV6iCZowIwXm2Y4Nk|
|1.89%||1.89%||No||Yes, 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.||None||None||If 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-loans||https://forms.bluewaverenewables.com/381458|
|Bank Five||Fall River||Swansea||Melissa Vincent (email@example.com)|
|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.||No||None||None||Interest rate does not vary by credit score.||Has a minimum loan amount of $3,000.||http://www.bankfive.com/home/misc/solar_loans||https://www.bankfive.com/home/personal-banking/personal-loans/apply|
|Clinton Savings Bank||Clinton||Berlin||No specific contact|
|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.||None||None||http://www.clintonsavings.com/loans-credit/personal-loans/mass-solar-loans.html||https://clintonsavings.loanwebcenter.com/Account/Login?ReturnUrl=%2fApplyNow|
|Naveo Credit Union||Somerville||Somerville||Elizabeth Cabral (firstname.lastname@example.org)|
Albert Pinhno (email@example.com)
|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.||None||You 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-loan||https://secure.loanspq.com/consumer/login/default.aspx?enc2=iSWJzH429lsQnZMCJpKt_ZCXzpEjx4jaJGGLYhf63bk0ToZCngqoUmUobj_TAoofsQ6TPhxxXYxsTBpK0SS2g_qHwO4v3rHCwrfcP7o7YoXGwIP4UsSXi2B3IO633T0Nhz80n5Tey013z7EJHcZgL8DBEUxGoCUCCU5v88TOmqyV0rN2k4wsVltoo67072rnzPeZfIe2-qqEOh8_dAKWPH23ohJ0XMgGInyGaL-OELv8gTDxgzzqUIZnrHWgaCl0|
|Stoughton Co-Operative Bank||Stoughton||Stoughton||Chris Milne|
|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.||Yes||None||None||Will 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%20Loans||Call (781) 344-3080 to apply|
|Sharon Credit Union||Sharon||Sharon||No specific contact|
|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.||None||Interest 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/#solar||https://application.sharoncu.com/consumer/login/default.aspx?enc2=iSWJzH429lsQnZMCJpKt_ehlzZ_tTTzct_O2gbZ9eAIdkLxzh9QTjaNVT8BjXRfZEZ2NBqk7YLnkIPSjDeHLA-ZXdc8sjiuuc8E2E0A6NiiKPci8HraUZaOQ7N44Vg5GLK7C0xQE5U-LUnB5vS6TljVzJ0AVjsh73goaL1tdaVgQ0-Q6Ly-ME2giH3vx0zVCo3tNt3mku17yh6mz6ev3MUVNJjk7Y6b4YAUmZairvmoZ_kX_MEADVVBK8t4JIGdD|
*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.
The following banks were previously offering the Mass Solar Loan, but have stopped accepting applications until further notice.
|North Brookfield Savings Bank|
These credit unions offer Mass Solar Loans, but have specific membership criteria that would exclude the majority of Natick residents.
|Shrewsbury Federal Credit Union|
|Franklin First Federal Credit Union|
|First Citizens' Federal Credit Union|