How to apply for a Mass Solar Loan

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Here's How to apply:

  1. Homeowner decides to go solar and signs a contract with Direct Energy Solar, or any vendor of their choice. Homeowner lets Direct Energy (or their vendor) know that they are applying to the MassSolarLoan.com. You can call Mass Solar Loan hot line at 617-712-1121 for personal assistance.
  2. Direct Energy Solar will submit technical details to Mass Solar Loan.
  3. Mass Solar Loan sends (via e-mail) both the homeowner and Direct Energy Solar, a confirmation paper to be signed to officially begin the process. It is important to have made all decisions before signing this, since the amount of the loan cannot be increased at this point. It can be decreased.
  4. The Mass Solar Loan reviews the application and sends e-mail confirmation to homeowner and their lender. Approved lenders are listed on MassSolarLoan.com. Unfortunately no Cape Ann bank has applied to be a lender yet.
  5. Homeowner signs the loan and tells their installer that it’s time to install the solar system.
  6. This Mass Solar Loan process should take no more than a week
  7. However if the homeowner is also applying for the Income-Based Loan Support or “loan buy down”, the process usually takes a few weeks more. Mass Solar Loan will ask the homeowner to sign a form allowing the IRS to verify the their income level. When income eligibility is confirmed by the IRS the loan process is confirmed and notification sent out.

Posted by Susan Hoague

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