Clarien Bank has announced a partnership with BE Solar to offer homeowners financing solutions for the purchase and installation of residential solar panel systems.

It said the Clarien Bank Solar Loan allows BE Solar clients to invest in clean, renewable electricity with low monthly payments and minimum upfront cost.

The bank said harnessing solar energy can significantly reduce a homeowner’s carbon footprint on the environment, “while providing up to 75 per cent in energy cost savings and a return on investment within an average of seven years”.

Carole Mitchell, Clarien vice-president, head of lending, said: “Through our partnership with BE Solar, Clarien is pleased to provide financing solutions to help homeowners mitigate upfront costs, making renewable energy solutions more accessible in Bermuda.”

She added: “We believe in this partnership because we believe in creating a sustainable future for our community, and we share in BE Solar’s vision of an efficient Bermuda powered by affordable renewable energy.”

Stratton Hatfield, BE Solar director of development, said: “Our experienced team is proud to have partnered with Clarien to offer our clients an opportunity to purchase low-risk, high-return investments in renewable energy solutions.

“The people of Bermuda now have a simple and straightforward way to invest in high-quality and reliable systems that are designed to create long term energy savings for decades.”

To date, BE Solar said its systems have offset more than 5,000 barrels of oil and saved clients more than $3 million with more than 375 systems installed across the island.