News on the solar power front likely to give a statewide boost to the installation of solar panels to generate electricity comes in from the Los Angeles Times today. Reporter, Margot Roosevelt, reports on the progressive new law in “California adopts innovative solar loan law.”
Left-leaning Berkeley and right-leaning Palm Desert are unlikely bedfellows, but the two cities were twin forces behind California’s innovative solar and energy efficiency financing law enacted Monday.
The law, sponsored by Assemblyman Lloyd Levine (D- Van Nuys), allows cities and counties to make low-interest loans to homeowners and businesses to install solar panels, high-efficiency air conditioners and other improvements to save energy. Participants can pay back the loans as part of their property taxes. If they move, the improvements and loan balance are transferred to the next owner.
The financing scheme, if adopted by cities, is likely to give a statewide boost to the installation of solar panels to generate electricity. Solar power systems can cost between $15,000 and $30,000–more than many homeowners can afford, although state rebates cover much of the cost. But with the loans, and the guarantee that the investment will not be lost when people sell their homes, the risk is dramatically reduced.
For the complete story, click here.