Low-income families in Massachusetts and Rhode Island who are not eligible for traditional loans will be able to be provided through the Capital Good Fund partnership and installers Cotuit Solar and Got Sun Go Solar.
The Capital Good Fund has announced that it is partnering with Cotuit Solar and Got Sun Go Solar solar companies from New England to create a low-income solar loan program called DoubleGreen Solar Loan.
The loan program links 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 as well as access to finance that might otherwise be unavailable to low- and middle-income families.
“In times of rising energy prices and geopolitical instability, it is more important than ever for all families to have access to affordable, reliable, home-grown clean energy. FICO should not stop them from lowering their energy bills and taking part in tackling the climate crisis, ”said Andy Posner, founder and CEO of Capital Good Fund.
One of the program’s last clients, Maria Hildalga, received a $ 38,000 loan for her 8 kW solar panel, making her one of the first in her community to have a residential solar panel.
“I decided I wanted to own my own solar panels for many reasons. It’s cheaper than my electricity bill, the tax breaks are great, and it’s good for the environment. As a mother, I want to protect the future of my children, financially and environmentally. By giving me this loan, the Capital Good Fund allowed me to realize this dream, ”Hidalgo said. “I hope there will be more solar energy around me, and I also hope that others who choose solar panels are just as lucky as me to work with a lender that is community-oriented like the Capital Good Fund.”
The Capital Good Fund is a community development financial institution certified by the US Treasury Department that works to promote a green economy without poverty through equitable lending. It assists with a variety of needs, including renewable energy and energy-efficient home upgrades, immigration cost assistance and assistance with COVID-19-related costs.
Conrad Geyser, director of Cotuit Solar, praised the program, commenting: “It offers a simple fixed-rate loan with a fixed rate that gives customers financing to use solar energy without much trouble.”
Ronald Bennett, president of Got Sun Go Solar agreed, sharing “Solar energy is an affordable alternative, and the Capital Good Fund makes this statement more realistic with its financial decisions. I am proud to work with a partner who shares this passion and works to promote a more environmentally friendly environment. ”
Since its inception in 2009, the Capital Good Fund has financed more than 9,000 loans totaling more than $ 20 million with a repayment rate of 95% and has released more than 1,800 people from its coaching training program.
Learn more about solar in Massachusetts and Rhode Island in our 50 states of the solar series.
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