Interested in adding a solar energy system to your home? 

Harvard FCU offers a few different options for financing a home solar system. We also have partnered with NRGTree to provide our members access to the Own My Solar platform, where you can get a free custom system design and have reputable installers bid on your project.

Get a Personalized Solar Design

Our partner, NRGTree is here to bring you affordable, efficient solar energy. Their Own My Solar program will give you personalized quotes on home solar panel systems, connecting lenders, solar installers, and property owners in one easy-to-use platform. Here’s how it works!

Step 1

Visit to create an account and get a free solar design.

Step 2

Installers bid on your design, guaranteeing you the lowest price. Evaluate the different installation quotes and select what works best for you.

Step 3

Once you have selected an installer, come back here to explore your financing options with Harvard FCU.

Finance Your Solar

When it comes to financing your solar design, you have options!

The Harvard FCU Solar Loan offers a competitively low interest rate and terms up to 120 months.

  • Enjoy a low 9.49% APR4
  • Borrow up to $25,000
  • Terms up to 120 months

With a Home Equity Line of Credit, instead of receiving one lump sum, you have the flexibility to draw funds whenever you need them.3 Tapping into your line is easy using online or mobile banking, and the variable interest rate is only charged on the amount that you use.2

  • Rate is below prime for the life of the line2
  • 10 year draw followed by 15 year repayment
  • No closing costs1
  • Advances can be made via checks, online, in person, and over the phone
  • Borrow up to 80% of the equity in your home

Fixed Home Equity Loans have fixed interest rates and are available at flexible terms. Funds are disbursed in one lump sum, making this is the perfect solution for big purchases or one-time projects.

  • Low fixed rates
  • Flexible terms available
  • No closing costs1
  • Fixed monthly payment
  • Borrow up to 80% of the equity in your home
  • Discounted rates with automatic payments from a Harvard FCU checking account

Benefits of Installing Solar

These rebates and incentives can help you offset the costs of installing a solar energy system.

A federal tax rebate of 26% exists for any solar panel installation through the end of 2022. The credit will be increased in 2023 to 30%, and will remain at that level until 2033. Check with the federal government to verify your eligibility.

Massachusetts offers a 12.5% (maximum refunds of $1000.00) tax refund on the purchase and installation of a solar panel system.

Utility companies are required to purchase a certain amount of electricity from residential solar installations.  The purchase rate changes, but currently it is $0.22 to $0.30 a kilowatt-hour (kWh). In addition, the state also provides higher incentive rates for low-income customers or those who install battery storage to pair with their solar panel system, making solar power more accessible to more customers in the state. It may not sound like much. Can add extra income of $1000.00 to $1500.00 of income a year for a normal residential solar installation. Check with your utility to verify they have not reached their required purchase allocation.

In Massachusetts, any electricity that you produce but do not use is sold back to the grid. The credit appears on your utility bill and offset any future utility charges. Net Metering allows you to take advantage of energy produced during the day, while residents are usually not home to use the electricity. *

*Check to make sure your utility allows for net metering. 

The below example displays the potential incentives that your loan could yield:

Loan Amount: $20,000.00; Loan Period: 120 months

Federal Tax Credit: $5,200.00 back; State Tax Credit: $1,000.00 back; SMART Incentive: $1,200.00 back (Depending on solar size, utility provider and program guidelines)

Plus, Net Metering could help members save on their monthly utility costs.

1. If discharge is requested within 24 months from date of note, borrower will be obligated to pay lender the amount of waived fees.
2. Rate adjusted monthly according to Prime Lending Rate as published in the Wall Street Journal. Maximum APR that may apply on Home Equity Lines is 18.00%. Rates and terms are subject to change.
3. HELOCS are available for properties in all New England states. Adequate property insurance, and possibly flood insurance, is required. 1-4 family, owner-occupied primary residence and second homes only. Subject to credit approval.
4. Annual Percentage Rate. Rates advertised are the lowest rates available and include APR minus .25% discount with automatic payment from a Harvard FCU Crimson or Smart Rewards Checking account.  Rates will be determined by individual credit worthiness. Your rate may vary from rate shown. Certain restrictions may apply. Subject to Credit Approval.

Harvard FCU Solar Loan Payment Example:

$1,000.00 at 9.49% for 120 months. Monthly payment $12.93. Total Finance charge $552.11. Total Repayment: $1,552.11.