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.

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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.

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Solar Financing Options

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