State nonprofit organization California Statewide Community Development Authority (CSCDA), is planning to launch a solar financing program that could 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.
In a nutshell, the city will sell bonds to finance residents borrowing money for solar installation, to be repaid (along with the corresponding interests) in a span of 20 years through property taxes. This project planned by CSCDA will allow California's cities and counties to launch initiatives similar to Berkeley's; by joining CSCDA's project, individual towns wouldn't have to find their own investors.
"Our program offers a good offset to the biggest hurdle for solar – the big upfront costs," said Terrence Murphy, a program manager at the CSCDA. Since the solar industry is currently in a slump, this could be a good starting point for mass array installations; something the other states can adapt in case this one proves successful.
Besides solar installations, CSCDA wants to extend the project to finance energy efficiency improvements for the home, specifically permanent installations like insulation and temperature retaining windows. Expected to begin this fall, cities and counties are given first dibs into the project that will open its doors later on to residents and businesses.