BlueWave, a Boston-based developer of solar projects, has launched its premier solar loan product in North Carolina and South Carolina.
The loan, up to US$100,000, offers homeowners in these states a 12-month interest-only period at a 5.99% fixed rate for 10 years. The residential solar financing product is in conjunction with Avidia Bank and was inaugurated earlier this year across Massachusetts.
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“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, in a statement.
According to the company, the solar loan payment combined with a homeowner’s solar electric bill could be 20-50% less than a regular electric bill. Once the loan is paid off in 10 years, the energy produced through rooftop panels is free.
South Carolina offers households a 25% tax-credit for solar installation costs while investor-owned utilities (IOUs) now offer various incentives as part of respective distributed energy resource (DER) programmes.
“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,” said John Griswold, BlueWave managing director. “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.”
