PIONEER VALLEY, Mass.–Two credit unions in this state are reporting “unprecedented success” in solar lending during 2023.
According to the Cooperative Credit Union Association, Franklin First FCU and UMassFive College FCU saw strong loan volumes during the year, with Franklin First financing 86 installations totaling $2,746,489, and UMassFive financing 1,272 installations totaling $50,923,810.
“Continuing a long-standing commitment to environmental stewardship and community development, both Franklin First and UMassFive have been at the forefront of financing both local and regional solar projects for more than eight years,” the CCUA said in its report. “Offering competitive rates with flexible terms, zero loan origination fees, and personalized service, these future-thinking financial institutions have empowered countless individuals and businesses to embrace clean energy solutions and to reduce their carbon footprint.”
‘Integral Source’
“Solar is an integral source of sustainable energy for our community,” Michelle Dwyer, Franklin First President/CEO, told the association. “At Franklin First, we are proud to be able to offer funding through our solar loan program to the residents of Franklin County. For us, investing in solar energy means helping households offset energy costs, supporting small business solar contractors, and contributing to the betterment of our community through green energy.”
According to the CCUA, Rich Kump, president and CEO of UMass Five, added, "Sustainability is a core principle at UMassFive. We are incredibly proud of the impact we've had in advancing solar energy adoption within our local community, and especially for economically disadvantaged households. Our record-setting year in 2023 is a testament to the growing demand for renewable energy financing, and the effectiveness of our green lending programs in meeting those needs."
Additional Efforts
In addition to lending solutions, both credit unions are dedicated to raising awareness about the benefits of renewable energy and promoting sustainable practices within their communities, according to the Cooperative CU Association, and offer educational initiatives, outreach programs, and community partnerships.
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