Clearly, no one can dispute that generating solar power in Massachusetts is an excellent investment. However, the upfront cost of a photovoltaic purchase can see prohibitive to most consumers. Even though our company offers a $0 down monthly solar lease, most customers prefer to own the solar panel system. With quick approvals, competitive interest rates, and better cash flow scenarios, an FHA home improvement loan eliminates cash as the obstacle to solar power adoption.
Through our relationship with Admirals Bank, one of the leaders in renewable energy financing, we are now able to offer a FHA-backed residential solar loan available up to $25,000 for a single family home with the option of an additional $15,000 unsecured loan–$40,000 combined loan maximum. Most homeowners assume that equity is required in their property to take out a home improvement loan. With a FHA-backed loan, you can be approved for credit with or without equity and an appraisal is not needed.
Advantages of a FHA solar loan vs. a Lease or PPA:
- Homeowner gets benefit of federal and state tax credits
- Homeowner is eligible for rebates and rebate adders that Leases ad PPAs don’t qualify for
- Improve your home’s value
- No prepayment penalties
- Interest is tax deductible
Other program benefits include, but are not limited to:
- Loan decisions within 1 to 2 business days
- Credit scores as low as 650
- Secured loans up to $25k
- Additional unsecured loans up to $15k
- Up to 20 year terms with no prepayment risks
- 100% upfront funding – funding can be given before project is complete
Brightstar Solar is a Massachusetts solar installer that can help you find the most appropriate method to fund a solar installation. Through our contacts, we can connect you with low-interest loans and creative leasing options. Our company offers a complimentary solar evaluation so you can decide if solar power is right for your home or business. Rebates are not for “do-it yourself” projects and you must involve a licensed solar installer. Please contact us online or at 617-564-0050 to schedule an appointment.