BOSTON, Jan. 11, 2016 /PRNewswire/ -- Massachusetts homeowners looking to finance their residential solar systems now have a new premium loan product available to them from Boston-based BlueWave, a solar development and fintech company. Today, BlueWave announced the launch of its Home Solar Loan, a product that offers residents the opportunity to reduce their electricity bills by up to 50%+ with a rooftop solar installation. The product is the result of a collaboration between BlueWave, an experienced solar developer, and the fast-growing Massachusetts regional bank, Avidia.
BlueWave will distribute the loan throughout Massachusetts through its preferred solar system installer network and through its online application platform. With BlueWave's home solar loan, applicants are approved within minutes and installer incentives guarantee systems are installed within 9 months of contract execution.
Customers can reduce their interest rate 25 basis points by having their payments made electronically from an Avidia checking account which results in a rate of 5.74%. The Avidia account is free of transaction fees and monthly service charges. In addition, a customer's first order of basic checks are free and the account offers a robust mobile banking platform and a debit card that earns Avidia Rewards points.
Customers may open their Avidia Bank checking account by either visiting one of its branches or online at avidiabank.com.
"This loan product is a high value proposition: By providing homeowners solar energy at an affordable price and the opportunity to make an impact on climate change, it's good for them and good for the environment. Hats off to Avidia and BlueWave's Craig Wetmore and Chris Gosline, the architects of a terrific product," said BlueWave's Managing Principal, John DeVillars.
"By partnering with BlueWave, we see an opportunity to help local individuals, families and businesses lower energy costs by improving their access to alternative energy sources in the form of solar power," said Mark O'Connell, Avidia Bank's President and CEO.
The U.S. solar market has experienced exponential growth in recent years, and 2016 is predicted to continue the upward trend for residential installations. This explosive growth can be attributed to the drop in solar equipment costs and the 30% federal investment tax credit for system owners. Solar system owners in MA also benefit from the state's solar renewable energy certificates that utilities purchase from solar generators to satisfy their renewable portfolio obligations. The combination of these incentives has created an ideal environment for residents to realize the economic benefits of going solar. Electricity costs in Massachusetts have risen over 25% in the past five years. The opportunity to eliminate a portion of the electricity bill is a real value proposition for all homeowners.
"Solar ownership provides homeowners with a substantial financial benefit, and we are very pleased to have installers across Massachusetts distributing this loan, helping more families turn on their own solar power. Through our partner, Avidia, customers can reduce their financing costs and access a host of specialized banking services," said BlueWave Managing Director, Craig Wetmore.
BlueWave has played a leading role in the Massachusetts solar industry, where the company has executed solar power purchase agreements with more than 20 cities and towns, academic institutions, and affordable housing providers. The company has created 300 local engineering and construction jobs across the Commonwealth and has generated $4.5M in annual savings for its customers. This track record and development success has earned BlueWave strong endorsements from Mayors, college and school heads, and affordable housing advocates.
Over the past 2 years, BlueWave has more than doubled its staff with offices located in Boston MA, Charleston SC, Charlotte NC, South Africa and the Bahamas. Building on this momentum, BlueWave's partnership with Avidia will help position the company to grow new markets across the U.S.
BlueWave is a solar energy company founded on a mission to protect our planet by expanding access to solar for everyone, everywhere. We are driven to transform the energy status quo—enabling communities to take control of their energy production, and consumers to choose clean, low cost power. Founded in Massachusetts, with operations around the globe, BlueWave remains committed to our founding principles: preserving the environment; honesty and transparency in everything we do; and respecting and supporting our employees, partners, and customers.
About Avidia Bank
Avidia Bank provides state-of-the-art electronic banking capabilities to businesses and consumers across Central Massachusetts and beyond through online access and full-service branches. Avidia Bank is a $1.2 billion mutual bank, headquartered in Hudson, MA with branches in Hudson, Westborough, Clinton, Leominster, Marlborough, Northborough and Shrewsbury. Visit us at avidiabank.com