GREENFIELD, Mass.—Franklin First Federal Credit Union is participating in The Mass Solar Loan program, which offers reduced loans to homeowners for residential solar installations.
Eligible consumers with annual household incomes below $80,241 may qualify for a reduced loan principal once the project is complete.
“For homeowners seeking affordable clean energy options, the Mass Solar Loan program is an excellent resource,” said Franklin First CEO/President Martha Richardson in a statement.
For members, the process involves:
- Receive a solar price quote from a pre-qualified Mass Solar Loan installer.
- Select an installer and sign a solar installation contract.
- Work with the installer to complete a Mass Solar Loan technical application online.
- If applying for income-based loan support, provide tax info on the CU’s website.
- After receiving a technical confirmation document, work with Franklin First to complete the loan application.
- When the loan closes, Franklin First will advance 35% of loan to cover initial construction costs.
- After the solar system is connected, the installer files project completion documents.
- When the project receives completion approval, the homeowner will receive the remainder of the loan amount from Franklin First.