New Generation Energy - Community Solar Lending Program

March 28, 2012

Summary

2012 Update: This loan program is no longer available, the information provided is for reference only.

The Boston-based non-profit organization New Generation Energy offers low interest loans for the installation of solar electric and solar water heating systems via its Community Lending Program. The solar loans are available to companies (including sole-proprietorship) and non-profits in New England (Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont), with an emphasis on those located in low and middle-income communities. The interest rate is currently 5.0%, although certain projects may be awarded grants and receive a lower interest rate. Only projects applying for loans are eligible for grants. The interest rate and terms are subject to change.

Interested businesses and non-profits should work with solar distributors and/or installers to receive a price quote. After quotes have been received, they must submit a pre-application to the Community Lending Program. New Generation Energy staff will review the pre-application and will invite only qualified projects to complete a full application. A personal guarantee is normally required for loans. After a site visit, the final determination is made and loan terms are offered to the successful applicants.

There are also loans available for the purchase of Energy Star kitchen appliances for organizations and business involved in food sales and service. Pre-applications are available on New Generation Energy's web site.

Program Overview

Implementing Sector: Non-Profit
Category: Financial Incentive
State: Massachusetts
Incentive Type: Loan Program
Web Site: http://www.newgenerationenergy.org/?q=community-lending/community-lending-program
Administrator: New Generation Energy
Start Date: 05/2009
Eligible Renewable/Other Technologies:
  • Solar Water Heat
  • Solar Photovoltaics
Maximum Loan: $100,000
Loan Term: Loans up to 1-10 years, rates vary from 0 to 5% (subject to change)

Contact

Name: Community Lending Officer
Organization: New Generation Energy
Address: 98 N. Washington St., Suite 305
Boston MA 02114
Phone: (617) 624-3688
Email: clp@newgenerationenergy.org

This information is sourced from DSIRE; the most comprehensive source of information on incentives and policies that support renewables and energy efficiency in the United States. Established in 1995, DSIRE is operated by the N.C. Clean Energy Technology Center at N.C. State University.