AES AND BUTTERFIELD PARTNER TO OFFER ISLAND’S FIRST FINANCING DEAL FOR SOLAR PANELS

Posted by on Jul 7, 2011 in Local News & Alerts | 0 comments

(Hamilton, Bermuda, July 7, 2011) – Local company Alternative Energy Systems (AES) today announces it has partnered with The Bank of N.T. Butterfield & Son Limited (Butterfield) to offer the island’s first financing deal for customers in Bermuda who wish to install a SunPower photovoltaic (PV) solar energy system at their homes or businesses.

Tim Madeiros, CEO, Alternative Energy Systems

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.

Customers interested in taking out a
loan for a PV solar energy system should contact Tim Madeiros, Chief Executive
Officer of AES, on 505-0804 or tim.madeiros@aes.bm to schedule a site assessment. Following the site
assessment, AES will develop a proposal with complete financial and engineering
analysis, including the government rebate of up to $5,000, and submit it to the
client, along with a Butterfield solar panel financing application. The
customer then submits the completed application to the Bank for review.
Following the Bank’s approval of the loan, AES will move forward with the
project and the funds will be released to AES.

“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.”

The
Hon. Walter Roban, JP, MP, 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.”

AES,
named in 2011 by Bermudian Business
as the “One to Watch” for innovation and forward thinking in the solar energy
market, manages all aspects of a photovoltaic project in-house to ensure a
cost-effective and seamless solution for its clients. In addition to Mr.
Madeiros, the AES team is comprised of Project Manager Earl Wescom and Technician Armindo Ferreira.

-Ends-

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