The LA Times published an article this week about Property Assessed Clean Energy (PACE). This is a program in which homeowners don't have to pay the price up front for solar panels. Rather, a small fee is added to their property taxes, which residents pay off over many years. The assessment (and energy savings!) stay with the house even if the owners move.
Says Gary Gerber, President of the California Solar Energy Industries Association:
"Let's say you replace your $100 utility bill with a $100-a-month payment to your property taxes — it's pretty close to a wash," said Gerber... "And if it isn't a wash this year, then two or three years from now it will be, because energy costs are going up.
California is one of 19 states that have passed PACE legislation. On Earth Day 2010, Governor Schwarzenegger signed SB 77, authored by Senator Fran Pavley (D-Santa Monica). According to the Governor's website, SB 77 enables commercial and residential property owners to make energy upgrades using bonds and/or loans that can be repaid through their property tax bill. Up to $30 million will be available for California's PACE Reserve Program.
The LA Times article tells the story of one happy PACE participant, Ed Smith of Santa Rosa:
[Smith] figures his property taxes rose $100 a month while his electric bill has dropped as much as $300 a month over the last four months.
"It's been totally fantastic," Smith said. "We'd been wanting to do something green. I've been recommending it to my neighbors. It would be a great thing for schools to do since they have flat roofs that catch a lot of sun. Plus school districts need to save money."
Tune in to future OC Renewables posts & meetings -- we are working to bring local experts in to tell us how to take advantage of these new incentives.
Full article:
PACE loan program makes solar energy more affordable for homeowners - latimes.com
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