January 25, 2016, BOSTON, MA – BlueWave and WinnDevelopment’s Open Market ESCO have executed an agreement that will provide $500k in energy savings to Winn’s low-income residential communities in the Greater New Bedford area. The savings will come from net metering credits generated at BlueWave’s 1.1. MW ground-mount Community Solar project in Fairhaven, MA.

“WinnCompanies has long been committed to improving the energy efficiency of affordable housing communities and this contract provides us with an excellent opportunity to take our sustainability efforts a step further,” said Darien Crimmin, Vice President of Energy and Sustainability at WinnDevelopment. “We appreciate BlueWave’s work with Open Market ESCO because it provides tangible evidence of how multifamily properties can benefit from clean solar power.”

Under this contract, properties managed by WinnResidential will purchase net metering credits for 680,000 kWh’s annually (or 514 kWDC). This will cover a significant portion of the customer’s electricity usage and is estimated to save the properties over five-hundred thousand dollars over the 20-year life of the contract.

“WinnDevelopment’s commitment to providing affordable housing for families across the country is unwavering, and no affordable housing provider in the country has a greater commitment to sustainability. For both these reasons, we are proud to have them as a customer,” said BlueWave’s Managing Director, Aidan Foley.

The Fairhaven project is one of BlueWave’s Community Solar projects that will start generating savings for customers by March 2016. With the WinnCompanies managed properties contracted for 49% of the system’s output, the remaining net metering credits will be offered to residents in Eversource’s service area in Southeastern Massachusetts – enough energy to power 150 homes.

WinnCompanies launched Open Market ESCO in 2013 to finance innovative energy efficiency and solar retrofits for low-income housing. The program was established in part with a $5.25 million grant from the U.S. Department of Housing and Urban Development’s (HUD) Energy Innovation Fund.

With over 100MW of pipeline secured in Massachusetts and over 20 agreements signed with Housing Authorities, cities and towns, and educational institutions across the Commonwealth, BlueWave is delivering meaningful electricity savings, economic investment, and environmental benefits to communities throughout the Commonwealth.

About BlueWave

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.

Learn more about BlueWave’s Consumer Products & Platform: www.bluewaverenewables.com
Learn about BlueWave’s Solar Project Development work: www.bluewave-capital.com

About WinnCompanies

WinnCompanies is an award-inning national property development and management company dedicated to the highest standards of excellence. WinnCompanies acquires, develops and manages multifamily, affordable, senior, mixed-income, market rate and commercial properties through its three divisions: WinnDevelopment, WinnResidential and WinnMilitary. Founded by Arthur Winn in 1971 and now operating in 23 states, it is the fifth largest multi-family housing manager and largest manager of affordable and military housing in the United States.

January 11 2016, BOSTON, MA 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. Today, BlueWave announced the launch of its 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.

“This loan product is a high value proposition: By providing homeowners solar energy at an affordable price and the opportunity to make an impact on climate change, it’s good for them and good for the environment. Hats off to Avidia and BlueWave’s Craig Wetmore and Chris Gosline, the architects of a terrific product,” said BlueWave’s Managing Principal, John DeVillars.

“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.

The U.S. solar market has experienced exponential growth in recent years, and 2016 is predicted to continue the upward trend for residential installations. This explosive growth can be attributed to the drop in solar equipment costs and the 30% federal investment tax credit for system owners. Solar system owners in MA also benefit from 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.

“Solar ownership provides homeowners with a substantial financial benefit, and we are very pleased to have installers across Massachusetts distributing this loan, helping more families turn on their own solar power. Through our partner, Avidia, customers can reduce their financing costs and access a host of specialized banking services,” said BlueWave Managing Director, Craig Wetmore.

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.

Over the past 2 years, BlueWave has more than doubled its staff with offices located in Boston MA, Charleston SC, Charlotte NC, South Africa and the Bahamas. Building on this momentum, BlueWave’s partnership with Avidia will help position the company to grow new markets across the U.S.

About BlueWave

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.

Learn more about BlueWave’s consumer products & Platform: www.bluewaverenewables.com; learn more about BlueWave’s solar project development work: www.bluewave-capital.com.

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