Followers

January 11, 2010

California's Solar Financing

ENVIRONMENT - Its expensive to buy a $20,000 solar system for your home... even though you know its worth it in the long run because you end up saving money. The problem is the initial start up cash.

California however has come up with a solution known as "Financing Initiative for Renewable and Solar Technology" (or FIRST). Using the program municipalities issue bonds to the financial/private sector for investment and then grants 20-year, low-interest loans to homeowners who want to install a rooftop solar photovoltaic system. Depending on where you live a combination of solar/wind/geothermal is also available for loans.

The homeowner then pays off the loan via a small increase in their property taxes, thus if you sell your house later on the loan is transferred to the new owner. The savings from not having to pay an electric bill every month (or better yet, getting a cheque from the electric company for feeding back into the system) more than outweighs the increase in property taxes. Plus the interest rate on the loan is approx. 1% higher than the interest rate owed on the bonds, allowing the municipality to recoup the cost of administering the program.

Since the program first appeared in 2007 its spread all over the United States and is now endorsed by the White House and various other government agencies. It is being hailed by financial institutions and environmental groups as "brilliant" and commonly goes with the phrase "Why didn't we think of this sooner?"

Similar programs have since spread to Europe and Asia and its quickly becoming a global phenomenon.

So when will it be coming to Canada? Good question. Ask around in your local municipality because chances are likely it will be here soon (or faster if people start pushing for it).

No comments:

Post a Comment

Comments containing links will be marked as spam and not approved. We moderate every comment. If you want to advertise on this blog it is $30 per link.

Affordable Website Design & SEO

Looking for a quality professional website designer? Why not go where the smart money is?! Toronto Website Design and Toronto SEO. Get free SEO advice from people who really know the business.

Featured Posts

The Sarcasm Symbol
Ever had some confusion online or with your cellphone when someone fails to catch the sarcasm? Well now with the SarcMark you can ge...
Behold, the Scorpion Hydrogen Supercar
CARS - To the right is the future of supercars... it is a hydrogen supercar called the Scorpion. The Scorpion from Ronn Motors in Texas is t...
Documents show Stephen Harper misusing public funds
CANADA - According to 950+ pages of documents obtained by the Canadian Press under the Access to Information Act the Privy Coun...
Pink's Rosie the Riveter
ENTERTAINMENT - What I like about this video is how it meshes different social movements like feminism, veganism, anti-capitalism...
California's Dustbowl
ENVIRONMENT - The photo on the right is a farm in California that has been put up for sale. Its just one of thousands of farms that are n...
Is Steampunk the New Goth???
GOTHIC - Watch out what you see on the subway late at night because while in 2001 you might have seen some pretty freakish goths, by 20...
Do you have enough Ice Water in your diet?
HEALTH - A Calorie (large C) is a measurement of the amount of energy needed to raise the temperature of a litre of water (1 kg's worth) ...
North Korean timeline towards Inevitable War
POLITICS - The following is timeline of events that have occurred on the Korean Peninsula. 1945 - Japan surrenders to the United States a...
Judgment Day is Tomorrow, so sayeth Cult
RELIGION - According to a cult based in California, Judgement Day is tomorrow (May 21st 2011) and Jesus Christ will return to the Earth a...
Sex in Space Forbidden
SEX/TECHNOLOGY - Sex in outer space is a big no-no according to NASA. Not for professional astronauts at least, but the growing numb...

Popular Posts