As the solar market in the Southeastern U.S. booms, BlueWave, a Boston-based Community Solar development and fintech company, has brought its solar loan product to North Carolina and South Carolina. Homeowners in North Carolina and South Carolina looking to finance their home solar systems can now sign up for a BlueWave Home Solar Loan, a product that launched in conjunction with Avidia Bank earlier this year across Massachusetts. The product offers home solar customers a 12-month interest-only period at a 5.99 percent fixed rate for 10 years.
“This is a best-in-class solar loan product with a high value proposition. It provides more homeowners with the option to benefit from the economic and environmental benefits of solar energy at an affordable price. We’re thrilled about the Southeast launch and look forward to expanding our operations in the region,” said BlueWave’s CEO, Trevor Hardy.
On BlueWave’s Solar Management Platform, the entire loan application and contract execution process is digital – applicants are approved within minutes. In addition to this, BlueWave’s new installer incentive program provides its partners with an attractive business case for promoting the BlueWave Home Solar Loan.
BlueWave’s preferred solar installer network, a list of top installers in the Southeast, is now distributing the loan throughout the Carolinas. The company’s network of installers in the region is growing every day as the industry ramps.
“Avidia Bank is pleased to provide the Carolina markets with an attractive financing product that helps individuals, families and businesses lower energy costs and improve their access to alternative energy sources in the form of solar power,” said Mark O’Connell, Avidia Bank’s President and CEO.
South Carolina offers households a 25% tax-credit for solar installation costs while investor-owned utilities now offer various incentives as part of respective DER programs.
“The Federal and SC state tax credits, combined with the utility-specific incentives are making the case to go solar in South Carolina a very compelling one. BlueWave has been active on many levels in helping to drive solar adoption in the state and our solar-specific financing platform is another example of this. As a result, we look forward to helping more households take advantage of the opportunity available in the state right now,” said Charleston-based Managing Director, John Griswold.
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