Mass Solar Loan Program Update

Effective June 20th, 2016 are the following revisions to the Mass Solar Loan program.

The revised program manual will include a number of updates incorporating feedback from the progam’s first five months, including:

  1. Non-owner-occupied rental properties are now eligible under the program provided the property has four or fewer units. A landlord is eligible for program support for one solar loan for a rental property, but may elect to receive an additional a loan for his/her own home, as well. Owner-occupied properties with four or fewer units are also still eligible under the program.
  2. For any technical applications submitted on or after June 20, expected annual system production may not exceed 125 percent of the system owner’s annual electricity consumption (to be provided by the installer in the technical application). If an applicant intends to size a system in excess of 125 percent of his/her annual load for purposes of future use or allocation, signed attestation by the system owner must be provided indicating that the oversizing is intended and that excess credits will not be sold.
  3. The programs’ Income-Based Loan Support (IBLS) calculation will be updated to establish more equitable thresholds based on household size, consistent with other MassCEC programs, and adjust the funding levels to ensure a broader distribution of program funds. IBLS will now be adjusted for household size, with Category 1 defined as 80% or below Massachusetts median income and Category 2 is now between 80% and 120% of Massachusetts median income, based on household size. The updated thresholds can be found here.  Additionally, IBLS will be calculated based on the first $35,000 of either program loan costs or system costs (whichever is lesser). Systems or loans exceeding $35,000 may receive IBLS payments, but the IBLS incentive rate will only be applied to the first $35,000.

See the Mass Solar Loan website for more information on the updates.

 

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