Worcester Business Journal

14 Worcester Business Journal • April 11, 2016 www.wbjournal.com G R E E N B U S I N E S S << 140 Worcester Rd. (Rt. 122), Barre, MA • 978.355.6343 • HigginsEnergy.com • Mon - Sat Our 40 years in alternative energy means you can expect a personal experience that is professional, simple and fair. Contact us today to learn how you can start earning! Let our solar experts show you how to go from saving to earning! SOLAR PROFITABLE RENEWABLE CLEAN 15012_STONE_7.25X4.5_SOLAR.indd 1 3/23/16 3:32 PM 140 Worcester Rd. (Rt. 122) Barre, MA 978.355.6343 HigginsEnergy.com Mon - Sat 140 Worcester Rd. (Rt. 122), Barre, MA • 978.355.6343 • HigginsEnergy.com Our 40 years in alternative energy means you can expect a personal that is professional, simple and fair. Contact us today to learn how you Let our solar experts show you how to go from saving to earning! SOLAR PROFITABLE RENEWABLE CLEAN 15012_STONE_7.25X4.5_SOLAR.indd 1 140 Worcester Rd. (Rt. 122), Barre, MA • 978.355.6343 • HigginsEnergy.com • Mon - Sat Our 40 years in alternative energy means you can expect a personal experience that is professional, simple and fair. Contact us today to learn how you can start earning! Let our solar experts show you how to go from saving to earning! SOLAR PROFITABLE RENEWABLE CLEAN ZERO DOWN FINANCING AVAILABLE 15012_STONE_7.25X4.5_SOLAR.indd 1 3/23/16 3:32 PM Bank loans taking over solar financing Late last year, the Massachusetts Clean Energy Center and the state Department of Energy Resources launched Mass Solar Loan, a $30-million program offersing a variety of low-interest solar power loans to residential customers through partnerships with banks, credit unions and solar installers. As more options for financing home solar systems become available nation- wide, experts and data predict within the next few years, the majority of residen- tial solar systems will be owned by the people whose houses they're on, rather than leased through a third-party install- er. Since the program launched, nine banks in Massachusetts, including four in Central Mass, have partnered with MassCEC to offer low-interest loans. While solar loans become more popular, clean energy advocates are educating banks on their benefits. "There's not always a new product to roll out, but renewable energy is a big push from the Baker Administration, and banks are always happy to come out and learn about it," said Brad Papalardo, director of government affairs and trust services at the Massachusetts Bankers Association. "Renewable energy is a hot topic now." Scope of the market The residential solar market in the BY LAURA FINALDI Worcester Business Journal Staff Writer United States has grown exponentially over the past five years, with the majority of customers leasing their panels through a third-party owner. Massachusetts installed 286 megawatts of solar capacity in 2015, the fourth highest in the nation, according to the Solar Energy Industries Association. Installations were slightly Workers from California installer SolarCity put panels on a home in Connecticut. In Massachusetts, the trend is shifting toward residential systems being owned by the homeowners, instead of installers. T he evolution of financing for renewable energy installations is shifting, as bank loans are becoming a more mainstream way to maximize savings on a solar array, offering more benefits than third-party leases.

• Cover