Today the Mass Clean Energy Center announced an extension of the Solarize Newburyport sign-up deadline to October 31. This allows Newburyport residents and businesses an additional month to take advantage of this special community solar discount program. SunBug Solar, Solarize Newburyport’s selected installer, is in-turn taking advantage of this unusual opportunity to bring an additional financing option to homeowners: the Solar Loan.
This program extension allows for:
• Additional Savings. Increased adoption over the next 30 days allows for higher tiers and so greater savings for every participant. The program is currently in Tier 3 (50-150kW) representing a 12% savings off statewide average solar prices. Currently, the community has over 100 kW signed-up, so with this extension we will likely reach Tier 4 (150 kW), an 18% savings for all. Additionally, with 30 more days, the program may reach Tier 5 (over 250 kW), a 25% savings for every participating member of the community. The tiered savings model applies to all projects, whether direct purchase, the low-money-down solar Power Purchase Agreement, or through a new financing option for Newburyport: the Solar Loan.
• Flexible Financing. The Solar Loan is a new way for Solarize Newburyport homeowners to go solar. SunBug brings this option to the community based on feedback from residents who wish to own their system but do not have the capital in-hand during this limited program window. The Solar Loan is an FHA Title-1 home improvement loan that offers flexible terms: 5 to 20 years, and is available to eligible homeowners with FICO scores 650 and above. Loan rates vary from 4.95% to 9.95% depending on term and FICO. There is no pre-payment penalty, making it an excellent option for folks who want to lower their utility costs while taking direct advantage of all the solar incentives, particularly the 30% federal tax credit. If you are a homeowner with a proposal in-hand and are looking for an additional financing option, contact your SunBug representative today to see if the Solar Loan is right for you.
If you have not yet signed up for your free solar site assessment, take advantage of this program extension to request an evaluation today!