The Los Angeles Business Council promises excellent jobs and 600 MW of electricity if the city can institute a solar finance program. The proposed solar finance program would be funded by the Department of Water and Power. It would allow Los Angeles to create 3% of its electricity from the sun and attract solar companies to the area to create jobs.

The program, which has been implemented in Florida and Germany, is already a success. It will encourage business owners and homeowners to install solar on their homes and commercial buildings.

All excess electricity generated can be sold back to the utility company at a set rate for the next 20 years.

Solar has already created 4,300 local jobs, but investment by the city of Los Angeles through solar financing would further propel the solar industry.

The program will be paid by the Department of Water and Power. It is estimated that the program will cost $35 million a year from its $4 billion budget. Already, the budget includes $800 million for renewable energy programs. By teaming up property owners, Los Angeles can deploy solar with this robust finance program.

Looking for Solar Finance for your business?
Contact Rich Hessler Solar 

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The United States Recovery Act has been bolstering up solar after the 2008 market slide (due to the world-wide recession). This is partially due to new solar financing options.

Advanced Green Technologies is working hard to put solar panels in with business owners. They are offering a 0-0-3 program, no down payment and interest free for 3 months. This would allow business owners to purchase a solar system, take advantage of tax credits, and pay down the loan before interest payments begin.

Tennessee Valley AUthority proposed adding nuclear reactors, but it is warming up to solar. It created a program, TVA's Generation Partners program, which will provide a $1,000 incentive for small solar projects. It has also guaranteed a price for buying excess electricity.

California started it's PACE program, allowing homeowners to pay back the city for a solar installation through property taxes.

When homeowners meet specific criteria, solar can be added to a mortgage during a refinance. This will decrease interest rates and increase the return on investment (ROI) of a solar system. 

Solar finance are starting to pop up all over the United States to encourage deployment of photovoltaics. Solar panels provide renewable, reliable electricity with no emissions after production and no moving parts. They have a 20-30 year electricity production warranty (and will continue to produce electricity for decades after that).

With these types of programs, it is inevitable that the price of solar will continue to decrease as demand for cheaper renewable energy grows stronger every year.

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SunWize Residential Solar Finance Option

SunWize Residential Power Systems created a solar financing program in California and Oregon. The program offers a loan up to $45,000 for solar installations with credit approval. It requires no payments or interest for 12 months, providing homeowners with enough time to receive the 30% federal tax credit for their solar system, use the credit to pay down the loan, and then start paying back the system.

This allows homeowners to save thousands in the first year of financing the solar system, increasing their return on investment. Currently, the solar return on investment is between 8-12 years.

At the end of 12 months, homeowners have the option to pay off the loan or convert it to a fixed-interest installment loan. The program is administered by Lyon Financial Services and funded by EnerBank USA.

Looking for solar financing for your business? Learn more about
Rich Hessler Solar
Solar Financing Options

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Utah Solar Rebate Begins

In the middle of April, Utah began the "Utah State Energy Program". The solar program provides a $2 per DC watt incentive for residential, commercial, and nonprofit photovoltaic installations.

For residential property owners, the rebate is 25 percent of the total system cost or $8,750 (whichever is less). The solar system must be between 900 Watts and 25 kW.

For commercial and nonprofit solar systems, the maximum rebate is 25 percent of the system's cost or $50,000 (whichever is less). The solar system must be between 5 kW and 100 kW.

In addition, cash rebates provided by utility companies will be subtracted from the maximum rebate total.

The photovoltaic solar system must be grid-tied and installed by a professional contractor with a Utah Division of Occupational and Professional Licensing license.

The solar system must be installed at primary residences (residential) or commercial properties with an active business present.

In addition to the solar rebate, Utah offers a personal tax credit of $2,000 and the federal government offers a 30 percent tax credit on new solar panel installations. These rebates can reduce the cost of a solar system by over 50%.

Finance your Solar System

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PACE- Property Assessed Clean Energy

There is a widespread impression that clean energy is expensive.  Well, it is, but there are ways of financing it to reduce or eliminate upfront costs.  Property owners need to be proactive in looking for these options.

PACE financing, or property assessed clean energy financing, gives property owners the chance to make renewable energy and/or energy efficiency retrofits without any upfront costs.  That's right, if you live in a participating municipality, you may qualify for a PACE bond which will allow you to pay off the costs of retrofits through your property taxes over a 15 or 20 year period.

PACE bonds are an idea that originated from a Berkeley, CA finance company, Renewable Funding.  Renewable Funding partnered with the city to help provide homeowners with a way to fund the installation of solar energy systems and energy efficiency improvements.  The "Berkeley First" program allowed homeowners to borrow the money and repay it through their home property taxes over a 20 year period.

There are several very enticing benefits to this PACE program:

- Virtually no upfront costs and no impact on your equity
- No credit or general obligation risk
- Tax liability is transferred to the new owner and upgrades remain with the property if sold
- Financing costs are comparable to a mortgage or equity line
- Property tax liens are senior to mortgage debt making borrowers less susceptible to foreclosure
- Financing is guaranteed as it comes from the IRS
- Lower energy bills and improved ROI/positive cash flow
- Immediate creation of jobs in renewable energy and energy efficiency sectors

The need for PACE bonds is estimated to exceed more than $500 billion in the coming years.  The result is a significant decrease in our greenhouse gas emissions and a strengthening of our energy independence.  PACE funding will make solar energy and energy efficiency more attainable and create a greater demand for jobs in both industries.

Posted via email from richhesslersolar's posterous

PACE- Property Assessed Clean Energy

There is a widespread impression that clean energy is expensive.  Well, it is, but there are ways of financing it to reduce or eliminate upfront costs.  Property owners need to be proactive in looking for these options.

PACE financing, or property assessed clean energy financing, gives property owners the chance to make renewable energy and/or energy efficiency retrofits without any upfront costs.  That's right, if you live in a participating municipality, you may qualify for a PACE bond which will allow you to pay off the costs of retrofits through your property taxes over a 15 or 20 year period.

PACE bonds are an idea that originated from a Berkeley, CA finance company, Renewable Funding.  Renewable Funding partnered with the city to help provide homeowners with a way to fund the installation of solar energy systems and energy efficiency improvements.  The "Berkeley First" program allowed homeowners to borrow the money and repay it through their home property taxes over a 20 year period.

There are several very enticing benefits to this PACE program:

- Virtually no upfront costs and no impact on your equity
- No credit or general obligation risk
- Tax liability is transferred to the new owner and upgrades remain with the property if sold
- Financing costs are comparable to a mortgage or equity line
- Property tax liens are senior to mortgage debt making borrowers less susceptible to foreclosure
- Financing is guaranteed as it comes from the IRS
- Lower energy bills and improved ROI/positive cash flow
- Immediate creation of jobs in renewable energy and energy efficiency sectors

The need for PACE bonds is estimated to exceed more than $500 billion in the coming years.  The result is a significant decrease in our greenhouse gas emissions and a strengthening of our energy independence.  PACE funding will make solar energy and energy efficiency more attainable and create a greater demand for jobs in both industries.

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