A non-profit plans to launch a financing progam that will make installing solar more affordable throughout California.
The California Statewide Community Development Authority (CSCDA) will model its program after a similar one in the city of Berkeley, which sells bonds to finance residents borrowing money for solar installation, to be repaid (with interest) over 20 years through property taxes. California cities and towns will be able to join this project without having to find their own investors.
“Our program offers a good offset to the biggest hurdle for solar – the big upfront costs,” said Terrence Murphy, a program manager at the CSCDA.
CSCDA also wants to extend the project to finance home energy efficiency improvements, especially permanent installations like insulation and temperature retaining windows. It’s anticipated the program will kick off this Fall.
Cities and towns will be first in line, with residents and businesses to follow later.
This program could spur other states to implement similar projects. Now that’s what I call progress!