Mass Solar Loan can save you big:

The start of the Mass Solar Loan at the beginning of the year was a great boost for homeowners looking to own their own solar. The Cape and Islands are home to a growing population of retirees in which solar has always been out of reach due to the high upfront cost. That’s all changing with the new Mass Solar Loan Program. Homeowners that fall below 120% of the state’s median income can qualify for a 20-30% reduction off the cost of the system with some customers seeing paybacks close to 2 years. Solar Rising has partnered with First Citizens’ Federal Credit Union to bring low interest fixed rates for customers that meet the minimum 650 credit score.

Below is an example of an average solar array with the 30% buy down:

$25,000 Solar Array
-30% State Loan Buy Down
-30% Fed Tax Credit
-$1,000 State tax credit
-$3,000/ Year savings 10-year State Production Incentives and electrical offset
= 8,250 out of pocket after year 1
= 2.75 Year payback

Mass Solar Loan Chart