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.