Solar Energy Loan Program Starts in Palm Desert Today
Today, in sunny southern California, hundreds of people are in line to submit applications for a solar energy loan program starting this morning in Palm Desert. The city will start accepting applications at 8:00 a.m.
Finally, after more than a year, the 300-plus people on the City’s waiting list for solar loans may finally be able to get a decision on their applications. Up for grabs is $1.25 million in financing for solar power projects.
As reported in the Desert Sun yesterday:
“Part of the city’s five-year drive to cut energy use by 30 percent, the Palm Desert program offers residents affordable loans for major energy-saving home improvements, such as solar panels and high-efficiency air conditioners. Long-term payback of the loans is linked to homeowners’ property taxes.”
Solar loans offered today in California
As people consider renewable energy options for their homes and small businesses, there remains a concern about cost. Programs that allow you to finance solar panels help defray upfront costs (as do government tax incentives). Its a win-win for both property owners and local governments. Here’s a brief summary:
“This type of financing is the latest and greatest! For example, in California, municipalities have the authority to create special tax assessment districts. These allow residents within the district to borrow money from the city and pay it back through an increase in property taxes over time.”
With respect to Palm Desert, the solar energy loan program has already made $5 million in loans. However, since February this year, the City has been looking for funding from outside sources. Now, it has secured the monies and is ready to roll again. About half of the newly available $2.5 million will be allowed for solar loans, while the rest will be offered only for other green, eco-friendly projects to conserve energy.
If you live in the Palm Desert area of California, you’d better log off and get in line right away! Other readers should look into municipal websites and information to see if their locality also offers solar energy loan programs.
Have you applied for a solar energy loan program? If so, what was your experience? We’d love to hear about it.
Tags: finance solar panels, palm desert california, solar energy loan program
July 6th, 2009 at 8:06 am
Great info, and long live the sun. Seize the power!
July 6th, 2009 at 11:40 am
Thanks Glenn! Palm Desert is on the right track. Hope to see more municipalities do the same thing – I know more are offering solar energy loan programs too. Stephanie
November 24th, 2009 at 12:57 pm
Hi Stephanie,
I am living in Los Angeles and I would like to install some solar panels on my roof to cut off my electricity bill and save the environnement. I already received some proposals from solar companies but it is quite expensive for paying the solar system upfront!
Do you know if this kind a solar loan exist in Los Angeles?
And if yes, how could I do to apply for it because It sounds very interesting?
Thank you very much for your help and your blog which is very interesting in my opinion.
Keep going on Stephanie :-]
Alex.
November 24th, 2009 at 1:33 pm
Hi Alex,
I do know that there are companies in California that offer solar loan programs. California is a leading state in the nation when it comes to solar power. What you should do is determine which company you’d like to work with (I’ll see about finding a list of companies that do the loans), and then compare and contrast their contract terms (price, length of term, can you buy the panels at the end for a discount, etc.). Good luck to you! Stephanie
December 23rd, 2009 at 8:55 pm
It’s great we are starting to see more of a push on solar panels and wind. Though for California, I do have to wonder if they can afford it right now.