BOSTON--(BUSINESS WIRE)--Homeowners in Massachusetts looking to finance their residential solar systems just received some very good news from Mass Solar Loan lenders, BlueWave and Avidia Bank. The lending partners announced today that they will be dropping their 3.25% rate to 1.89%. In addition, BlueWave will offer its installer partners a cash incentive for their services.
Massachusetts’ $30M 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. Under this program, participants have the opportunity to reduce their electricity bills by over 50%. 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.
"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,” said Craig Wetmore, BlueWave’s Principal.
“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.
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.
"Now is the optimal time to GO SOLAR, with BlueWave,” said BlueWave Principal, Chris Gosline.
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.
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.