Avidia Bank and partner BlueWave drop Massachusetts solar loan rate to 1.89%
Written By: Stratton Report
June 6, 2016
On June 6, Avidia Bank announced that both it and its partner, BlueWave are dropping their 3.25% solar loan rate to 1.89%. In addition, BlueWave will offer its installer partners a cash incentive for their services.
Massachusetts’ $30 million Solar Loan program allows qualified lenders to offer low-interest rate financing for residential solar systems for all property owners, including renters and low credit score residents.
BlueWave, an experienced Massachusetts solar developer, and Avidia Bank, a fast-growing regional bank, have combined their expertise to deliver this premium product to the Massachusetts marketplace.
Craig Wetmore, BlueWave’s Principal noted:
“BlueWave, in partnership with Avidia, is excited to supply the Massachusetts market with a low-cost financing product that truly has the potential to greatly increase solar accessibility and adoption throughout the Commonwealth.”
Mark O’Connell, Avidia Bank’s President and CEO noted: “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.”
BlueWave will distribute the Mass Solar Loan in Massachusetts through its Preferred Installer Network and via its solar management platform. On BlueWave’s Mass Solar Loan platform, applicants are approved within minutes and installer incentives guarantee systems are installed within 9 months of contract execution. BlueWave’s newly announced installer incentives provide these partners with an attractive business case for using the product.
Solar system owners in MA benefit from the 30% investment tax credit as well as 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.
BlueWave Principal, Chris Gosline remarked: “Now is the optimal time to GO SOLAR, with BlueWave.”