Solar installers team with Capital Good Fund on loan program for lower income customers
Capital Good Fund is teaming up with New England-based solar installers including Cotuit Solar and Got Sun Go Solar to create the DoubleGreen Solar Loan program aimed at helping low income people in Massachusetts and Rhode Island who want to put solar panels on their rooftops but may not qualify for a loan through traditional means.
“A person’s FICO score shouldn’t prevent them from being able to lower their energy bills and participate in the solution to the climate crisis,” said Capital Good Fund Founder and CEO Andy Posner. “We are proud to add solar offerings to our existing suite of energy-efficiency and general consumer loan products, and to partner with Cotuit Solar, Got Sun Go Solar and other customer-oriented installers.”
Capital Good Fund is a nonprofit, U.S. Treasury-certified Community Development Financial Institution that works to advance a poverty-free, inclusive green economy through equitable loans to lower to moderate-income families.
The DoubleGreen Solar Loan serves all families, with a focus on low, moderate, and middle-income homeowners and minority communities. These loans are available to residents of Massachusetts and Rhode Island and are paid in monthly installments over 25-years with low-interest rates starting at just 3.1% APR.
The first DoubleGreen Solar Loan closed in December, with the client receiving a $38,000 loan to put toward their installation project.
Most recently, Capital Good Fund closed a loan through this program for Maria Hidalgo, a lower-income area resident in Rhode Island to install an 8-kilowatt solar system through Get Sun Go Solar, making her one of the first solar panel owners in their community.
“I decided I wanted to own my solar panels for many reasons. It is cheaper than my electric bill, the tax credits are great and it is good for the environment. As a mother, I want to protect my children’s future, financially and environmentally. By giving me this loan, Capital Good Fund has made it possible for me to realize this dream,” said Hidalgo. “I hope to see more solar around me and I also hope others who choose solar are as lucky as me to work with a community oriented lender like Capital Good Fund.”
“We truly appreciate Capital Good Fund’s DoubleGreen Solar Loan program,” said Conrad Geyser, Principal at Cotuit Solar. “It offers an easy, non-secured, fixed-rate loan that gives clients financing to adopt solar without a lot of trouble.”
Capital Good Fund is also collaborating with additional solar installers to extend its reach to different communities.
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