While the world was saying goodbye to 2010 on New Year’s Eve, many in the solar industry were gladly welcoming in 2011 — a year that brings with it the extension of a federal renewable energy grant program for commercial solar projects, and a number of other helpful solar incentive programs.

In Oregon, for example, new rule came into effect on January 1st, providing Residential Energy Tax Credits (RETCs) to homeowners who install residential systems. Because of the new rule, SolarCity — a California-based solar energy company that designs, installs and finances solar energy systems across the country — is now able to offer a zero money down financing to Oregon residents. Caveat: to be eligible, homeowners must be a customer of one of Pacific Power (PP) or Pacific General Electric (PGE).

The SolarCity SolarLease allows those homeowners to defer the remaining cost of a system until the homeowner receives the RETCs, in effect eliminating any upfront payment that would have had to be made. In anticipation of the new law, it’s no coincidence that Solar City only recently expanded its business into Oregon this past fall. The new lease option was made available Tuesday, January 4.

By using the financing option, homeowners can sign a 15-year deal with Solar City and install a 3.2-kilowatt (kW), 16-panel system for as little as $20-$25 per month. Before the new tax credit rule was enacted, the low monthly payment option was only available to homeowners who were willing to buy their rooftop solar energy systems outright.

Here’s SolarCity’s Oregon Regional Director Rob LaVigne on the new program:

“For less money each month than the cost of two movie tickets, Oregon homeowners can install solar power. What’s nice about a system like this is there’s no hidden costs.”

So now, Oregon, there’s really no excuse — a reduction in monthly utility bills and no money down? There’s never been a better time to install solar panels.

Note: Even if you opt to buy a solar energy system outright and finance the purchase with a loan, you can take advantage of Oregon’s Renewable Energy Tax Credits and Oregon solar rebates.