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. BlueWave launches 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.