For Butterfield mortgage customers, the loan will be added to the mortgage payment and amortized out with their current mortgage, up to a maximum of 25 years. The rate of the loan will match the rate of the mortgage.
For non-Butterfield mortgage and commercial customers, a loan can be arranged through the Bank's lending department. The average cost for a 5 kilowatt solar energy system will be approximately 40,000.
"I'm elated to be announcing this partnership," says AES founder and Chief Executive Officer, Tim Madeiros. "I believe that the offer with Butterfield will allow a greater number of Bermudians to participate in renewable energy at no additional cost."
"Home and business owners can now pay off a loan to eventually own their energy and significantly reduce or completely eliminate their electricity bill. I would like to thank Butterfield for taking a bold step forward in being the first financial institution on the island to offer financing for AES customers."
Sean Lee, Executive Vice President, Head of Retail Banking, Butterfield, says: "We're delighted to have developed the island's first financing option for photovoltaic solar energy systems. As the needs and cost for energy continue to grow, we believe this financing option will allow many Bermudians to create their own alternative energy in a difficult economy with no financial outlay."
"We have structured the loan so that, generally, customers will pay no more than they currently do for their electricity each month. We believe this is a win-win for Bermudians and we're pleased to be partnering exclusively with AES on this initiative."
Walter Roban, Minister of Environment, Planning & Infrastructure Strategy, says: "We encourage any development that can reduce our reliance on fossil fuels. Solar photovoltaic technology is one of the simplest forms of renewable energy available to Bermuda."
"We embrace financial incentives that provide reasonable returns on investment for energy efficiency and renewable energy projects and applaud AES and Butterfield for coming together on this deal."
