Statenonprofit organization California Statewide Community DevelopmentAuthority (CSCDA), is planning to launch a solar financing program thatcould make the technology a lot more affordable all over California.
According to Greentech Media, the project is a similar but larger version of the one launched by the city of Berkeley recently.
Ina nutshell, the city will sell bonds to finance residents borrowingmoney for solar installation, to be repaid (along with thecorresponding interests) in a span of 20 years through property taxes.This project planned by CSCDA will allow California’s cities andcounties to launch initiatives similar to Berkeley’s; by joiningCSCDA’s project, individual towns wouldn’t have to find their owninvestors.
"Our program offers a good offset to the biggesthurdle for solar – the big upfront costs," said Terrence Murphy, aprogram manager at the CSCDA. Since the solar industry is currently ina slump, this could be a good starting point for mass arrayinstallations; something the other states can adapt in case this oneproves successful.
Besides solar installations, CSCDA wants toextend the project to finance energy efficiency improvements for thehome, specifically permanent installations like insulation andtemperature retaining windows. Expected to begin this fall, cities andcounties are given first dibs into the project that will open its doorslater on to residents and businesses.