Solar loan program launched in New England for low-income rooftops – pv magazine USA
Low-income families in Massachusetts and Rhode Island who don’t qualify for traditional loans are given an option made available through a partnership of the Capital Good Fund and installers Cotuit Solar and Got Sun Go Solar.
The Capital Good Fund announced it is teaming up with New England-based solar installers Cotuit Solar and Got Sun Go Solar to develop a solar loan program for low-income rooftops called the 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 have interest rates of 7% or more, so the program offers significant savings and access to financing that low- to middle-income families may not otherwise have access to.
“At a time of rising energy prices and geopolitical instability, it is more important than ever that all families have access to affordable, reliable, homegrown clean energy. A person’s FICO score shouldn’t stop them from reducing their energy bills and helping solve the climate crisis,” said Andy Posner, founder and CEO of Capital Good Fund.
One of the program’s most recent clients, Maria Hildalgo, received a $38,000 loan for her 8kW solar array, becoming one of the first in her community to have a residential solar array.
“I decided that I wanted to own my solar panels for many reasons. It’s cheaper than my electric bill, the tax credits are great, and it’s good for the environment. As a mother, I want to secure the future of my children financially and ecologically. By providing this loan, Capital Good Fund has enabled me to achieve this dream,” said Hidalgo. “I hope to see more solar energy around me, and I also hope that others who are choosing solar energy will be as fortunate as I am to partner with a community-focused lender like Capital Good Fund.”
Capital Good Fund is a US Treasury certified community development financial institution dedicated to advancing a pro-poor, inclusive green economy through equitable credit. It helps with a variety of needs, including upgrading residential buildings with renewable energy and energy efficiency, assisting with immigration expenses, and assisting with expenses related to COVID-19.
Conrad Geyser, director at Cotuit Solar, praised the program, commenting, “It offers a simple, unsecured, fixed-rate loan that customers can use to fund solar adoption without much hassle.”
Ronald Bennett, President of Got Sun Go Solar agreed and shared: “Solar energy is an affordable alternative and Capital Good Fund delivers on that with its financial solutions. I am proud to work with a partner who shares this passion and is committed to an overall greener environment.”
Since its inception in 2009, the Capital Good Fund has funded over 9,000 loans totaling more than $20 million with a 95% payback rate and has completed over 1,800 people from their community coaching program.
Learn more about solar energy in Massachusetts and Rhode Island in our 50 Solar States series.
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