We have all heard of how we can buy solar panels for a few hundreds of dollars for your Solar Power House, and immediately become card carrying members of the green brigade.
However, the fact is that average cost for creating an average fully Solar Powered Housing runs about $50,000 and several tens of thousands dollars more for a larger home in hot climate.
This enormous initial cost has become a severe stumbling block to installing solar power for house. Homeowners often balk because they fear they might not stay in their solar power housing long enough to recover their investment, which can take up to 20 years.
Enter the municipality of Palm Desert, in the beautiful state of California.
A new financing program run by the municipality lends homeowners money, and allows them to pay it back with interest over 20 years as part of property tax.
The beauty of this system over private lending is that ANY local homeowner is eligible, not just those with good credit rating. Additionally, the obligation to pay the loan is attached to the the solar power house and passes on to any future buyer.
This is a win-win for both the city municipalities and homeowners. Homeowners get access to credit with lower personal risks. Cities in California are required by state laws to reduce their carbon emission, and providing access to credit for green technologies helps them meet the state requirements.
As a gauge of the popularity of the program, when Palm Desert ran this as a pilot program, it was immediately fully subscribed.
Free electricity, on easy term loans? What’s not to like.