Rooftop solar loan program launched for low-income people in New England – pv magazine USA

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Low-income families in Massachusetts and Rhode Island who do not qualify for traditional loans will have an option made available through a partnership between the Capital Good Fund and installers Cotuit Solar and Got Sun Go Solar.

The Capital Good Fund has announced that it is partnering with New England-based solar installers Cotuit Solar and Got Sun Go Solar to create a low-income rooftop solar loan program called DoubleGreen Solar Loan.

The loan program connects homeowners with 25-year loans with low annual interest rates starting at around 3.1%. Typically, 25-year loans carry interest rates of 7% or more, so the program offers significant savings, as well as access to financing that might otherwise be inaccessible to low-income families or families. medium.

“In an era of rising energy prices and geopolitical instability, it is more important than ever that all families have access to affordable, reliable and locally produced clean energy. A person’s FICO score shouldn’t stop them from being able to lower their energy bills and be part of the solution to the climate crisis,” said Andy Posner, Founder and CEO of Capital Good Fund.

One of the program’s newest clients, Maria Hildalgo, received a $38,000 loan for her 8 kW solar panel, making her one of the first in her community to have residential solar power .

A 2.92 kW solar panel in Wellfleet, Massachusetts.
Image: Solar cost

“I decided I wanted to own my solar panels for a lot of reasons. It’s cheaper than my electric bill, the tax credits are great, and it’s good for the environment. As a mom , I want to protect my children’s future, financially and ecologically. By granting me this loan, Capital Good Fund has enabled me to realize this dream,” said Hidalgo. “I hope to see more solar energy around from me and I also hope that others who choose solar will be as fortunate as I to work with a community-focused lender like Capital Good Fund.”

Capital Good Fund is a U.S. Treasury-certified community development financial institution working to advance an inclusive, poverty-free green economy through equitable lending. It addresses a variety of needs, including home renovations for renewable energy and energy efficiency, assistance with immigration costs, and assistance with COVID-19 related expenses.

Conrad Geyser, Director of Cotuit Solar, praised the program, commenting, “It offers an easy, unsecured, fixed rate loan that gives customers financing to go solar without too much hassle.

Ronald Bennett, President of Got Sun Go Solar agreed, sharing, “Solar power is an affordable alternative, and Capital Good Fund makes that statement a reality with its financial solutions. I am proud to work with a partner who shares this passion and works to promote an overall greener environment.

Since its inception in 2009, the Capital Good Fund has funded over 9,000 loans totaling over $20 million with a 95% repayment rate and graduated over 1,800 people from its community coaching program.

Learn more about solar power in Massachusetts and Rhode Island in our 50 states in the solar series.

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