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Capital Good Fund Partners with Solar Installers to Increase Affordability of Solar Energy in Massachusetts and Rhode Island
The DoubleGreen Solar Loan program helps residents pay for energy renovations
PROVIDENCE, RI – 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 those who want to put solar panels on their rooftops but may not qualify for a loan through traditional means. 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 for a variety of key needs, including “green” home upgrades; relief due to expenses incurred due to COVID-19; and immigration expenses.
“At a time of rising energy prices and geopolitical instability, it is more important than ever that all families have access to affordable, reliable, homegrown clean energy. 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.” The DoubleGreen Solar Loan serves all families, with a focus on low, moderate, and middle-income homeowners and minority communities. The affordable loans are available to residents of Massachusetts and Rhode Island. They are paid in monthly installments over 25-years with low-interest rates starting at just 3.1% APR.
Most recently, Capital Good Fund closed a loan through this program for a lower-income area resident in Rhode Island to install an 8-kilowatt solar system through Get Sun Go Solar, making them 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 client María 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.” The first DoubleGreen Solar Loan closed in December, with the client receiving a $38,000 loan to put toward their installation project.
Capital Good Fund is grateful for the support of its installation partners. “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, including Got Sun Go Solar. “Our team is passionate about working toward slowing down the escalation of climate change by promoting sustainable solutions,” said Ronald Bennett, President of Got Sun Go Solar. “Solar energy is an affordable alternative, and Capital Good Fund is making that statement more of a reality with their financial solutions. I am proud to work with a partner who shares this passion, and works to promote an overall greener environment!”
To learn more about participating in the DoubleGreen Solar Loan program as either an installer or a borrower, you can visit www.GoodFund.us/Solar or call 1-866-584-3651.
About Capital Good Fund
Capital Good Fund is a Rhode Island-based nonprofit social change organization that uses financial services to tackle poverty and environmental injustice in America. Capital Good Fund offers low-interest loans of up to $60,000 and one-on-one Financial Coaching for the lower-income residents of Rhode Island, Texas, Illinois, Florida, Delaware, Massachusetts, New Jersey, Connecticut, and Colorado. Since the COVID-19 crisis began, Capital Good Fund has closed more than 2,500 COVID-19 Crisis Relief Loans of $300 – $1,500 with a five percent APR and a three-month deferment period. Since their founding in 2009, they have financed over 9,000 loans totaling nearly $20 million with a 95% repayment rate and graduated over 1,800 people from their Coaching program. More at www.GoodFund.us.
About Cotuit Solar
Cotuit Solar has been in business since 1988 and operates as a vertically integrated company that directly performs all aspects of solar installations in-house, designing, installation, and service. Locally owned and operated, the company is renowned in the community for its expertise and quality of service. The team is dedicated and practiced in a wide range of renewable energy and sustainability philosophies and disciplines and tries to help clients find multidiscipline ways to lower their resource footprint.
About Got Sun Go Solar
Got Sun Go Solar Inc. proudly helps clients achieve energy independence. Since 2009, Got Sun Go Solar has installed efficient, custom-designed solar solutions for both commercial and residential customers in Massachusetts and Rhode Island. They are passionate about solar power and helping people take advantage of all that renewable energy offers while lessening our environmental impact. Got Sun Go Solar also offers home backup batteries, roofing, and heat pump installations.
