FINANCING and $0 down solar options
There are low- and no-money down options for most homeowners through SunBug's partnerships with banks that finance renewable energy projects. The MassCEC offers an excellent Solar Loan program, supporting low-interest, fixed-rate solar loans through local participating banks. In addition to this loan program, individual banks offer their own solar loans. One of these is the MySolar Loan offered through the UMass Five Federal Credit Union.
Mass Solar Loan is a state-sponsored program offering excellent rates and income-based loan support options:
Loans up to $60,000
Lowered interest rates with a 1.5% interest rate buy-down for qualified participants
Additional principal buy-down for qualified Moderate Income households
No closing costs
Standard 10-year repayment term
Up to 12 months of interest-only payments during construction
Ability to re-amortize within the first 18 months at no cost
If you choose to finance your system through the Mass Solar Loan, your SunBug sales representative can help you find quality local lenders through the program.
For solar hot water systems, 0% interest financing is available through the MassSave HEAT loan program. The loan has a 7-year term and covers 100% of the system cost minus the MassCEC rebate.