The Commonwealth Solar II rebate program, which provided $40 million dollars in funding and facilitated 13,000 solar PV systems totaling 60 MW in Massachusetts over four years, permanently closed on January 20, 2015. Commonwealth Solar II will be succeeded by Mass Solar Loan, a $30 million program designed to connect homeowners with low-interest loans to help finance the installation of PV systems.
The Mass Solar Loan program will facilitate financing for residents to install a PV system at a primary or secondary residence. Loans may also be available to residents seeking to purchas a share in a community-shared solar project, which involves a group of people investing in a portion of a larger solar system.
Mass Solar Loan loan terms may vary by lender, but approved homeowners can expect: (1) a maximum loan of $35,000, (2) an interest rate of 3% or less, (2) a maximum pay-back period of 10 years, and (4) flexibility to readjust loan terms if state and federal tax credits change. The new program, which aims to facilitate 6,000 loans over three years, likely will begin accepting applications in spring 2015.