San Diego has announced that they are starting a new city-wide incentive program in July for residents who want to install solar panels, but don't have the cash to pay for it up front. The city will finance the cost of the solar panels and allow homeowners to pay back the loan in property tax bills over 20 years.
This new incentive program takes advantage of a statewide law that allows loan programs for renewable energy to be paid back through property tax payments. Berkeley and Palm Desert have also enacted similar programs for their residents.
The loans will have a fixed interest rate and are transferrable if property is sold during the life of the loan.
Many more people would be willing to install solar power on their property if the initial cost wasn't so high. Programs like these could really increase the amount of residential solar in the country if more cities and states offered them. It seems to be an easy investment for cities to make, with potential for a great payoff, both through the interest money the city would collect and the advancement in renewable energy being generated.
written by Eric, April 21, 2009
written by Imee, April 22, 2009
written by Bill Z, May 26, 2009
written by Fred, July 09, 2009
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