BlueWave Solar announced its new “FlexRate” solar loan, a first in the solar lending space. Intended to reduce total cost of ownership of residential rooftop solar, the FlexRate loans offer five years of a fixed rate, followed by rates that adjust by no more than 1% a year, with a rate cap. This delivers the lowest total cost of ownership to many borrowers, particularly to those who pay off their loans in the first five years, as many do.
This is not BlueWave’s first solar innovation: the company has a unique background and approach. Founded as a large-scale solar development firm, BlueWave has developed over 130 MW of solar in Massachusetts alone, and was a pioneering developer of community solar in Massachusetts. Having expanded in 2016 to offer both solar loans and community solar, an industry first, BlueWave is still also a leader in large-scale development. Based in Boston, BlueWave is a certified B corporation with thousands of residential and commercial customers across MA, RI, NY, NC, SC, and FL, many of whom have already chosen the BlueWave FlexRate loan.
According to Alexi Evriviades, Managing Director of Capital Markets at BlueWave, “Solar customers see value in owning their power and typically pay off their solar loans early. When borrowers do the math on how much their solar panels cost with other lenders’ loans, it becomes clear that FlexRate offers the lowest cost of ownership over the first 5 years. FlexRate helps customers go solar affordably while helping our partners differentiate themselves in a crowded marketplace, so it’s a win-win.”
Solar installers agree: Nancy Moore of Hilton Head Solar in Ridgeland, SC says, “The FlexRate loan really rounds out the financing options we can present to our customers. It sets us apart from other installers because it’s unique in the market, and BlueWave’s low Technology Platform Fee means that we can protect our profit margin. Now we can offer rooftop solar with flexible or fixed rate financing, only from BlueWave. No one else offers that.”
BlueWave Solar CEO Trevor Hardy says, “Making solar accessible to more people is what we do here every day and offering innovative and flexible financing is key to achieving that vision. We want to enable our solar installer partners to grow their businesses with unique offerings that their customers love, and it’s already clear that our new FlexRate loan is serving a need in the market.”
For the second year in a row, BlueWave was recently named among the top twenty in the Boston Business Journal’s Fast50: the fastest-growing private companies in Massachusetts.
BlueWave | bluewavesolar.com