On Monday, California enacted a law that makes possible an innovative
form of financing for solar energy and energy efficiency projects,
according to a report in the Los Angeles Times.
The law allows cities and counties to provide low-interest loans to
homeowners and businesses to install solar power systems and
energy-efficiency improvements. The loans can be paid back as part of
the borrower’s property taxes and passed along to the next owner, if
the property is sold.
The law began as an initiative brainstormed in th office of Berkeley
Mayor Tom Bates, and drew national attention after being presented a
meeting of mayos in Seattle in November 2007. It could become a model for solar financing across the country.
Berkeley’s initiative, called Berkeley FIRST, is still in the
pilot stage, according to the Times report. But the city of Palm
Desert, California reportedly has a list of interested customers and
expects to be the first to put the financing into practice.
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