A new bill in the Golden State could soon give home- and business-owners access to a statewide loan program that would help them finance solar installations and other renewable energy projects. The bill, SBX8 26, would create a program to standardize Property Assessed Clean Energy (PACE) programs across California and authorize a $50 million PACE fund to be used as “credit enhancements for qualified PACE financing programs to further lower financing costs.”
The long and short of it is, bill SBX8 26 has the potential to make solar adoption more financially viable for Californians—and not just those living in select cities or municipalities—by giving residential and commercial property owners the option to partially finance their energy retrofits through bonds or loans from their local government. These loans could then be repaid over time via reassessments in the borrower’s property tax bill. For more on the (rather popular) PACE model, Adam has a terrific run-down of San Francisco’s newly-unveiled PACE program here, with the nitty-gritty boiled down to a few key points.
Seeing as the bill passed unanimously (32-0!) hot off the California Senate floor yesterday morning, its chances of moving through the Assembly are good, though any number of obstacles could present themselves before the bill becomes law. Still, the bill’s main angle—job creation—is a flag Democrats and Republicans alike can wave, and the bill’s sponsor, Senator Fran Pavley (D-Agoura Hills), appears upbeat.
From the press release:
“We can all agree on energy efficiency and jobs. This bill will bring down the cost of energy efficiency loans and help spur job creation. It benefits workers, consumers, businesses and the environment.” said [Pavley] after the unanimous bipartisan vote. “It’s important to show the people of California that when it comes to pressing issues for California families, Democrats and Republicans can work together in Sacramento.”
Jump-starting the economy, lowering unemployment and facilitating solar adoption? Sounds like a bill we can get behind.
WIth all of the new products and incentives, implementing renewable energy or energy efficiency is getting more and more complicated. I am thinking about installing a solar water system in my house and have had trouble navigating all of the tax credits. Here is a great article with some good resources for these problems as well as some simpler solutions to saving you money. http://thegreenertruth.com/2010/02/personal-renewable-energy/