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Arizon Utility offers EZ financing for Solar Panels.

A partnership between the Arizona Utility, APS and the non-profit organization, Electric & Gas Industries Association now offers a new loan program that provides unsecured installment financing for residential renewable energy power generation systems such as solar electric systems and solar hot water panels. According to APS, the new GEOSmart loan is designed to eliminate upfront costs related to solar energy systems, which enable customers to use part of the financial incentives applicable to each system to buy down interest rates.

For example, a 3 kilowatt (kW) costs about $21,000, when you factor in the residential tax credit for 2008 and the state rebates, the final cost is approximately $9,000. Through the financing program homeowners will have the option of financing the remaining finial cost, thus removing the upfront cost of going solar and eliminating out of pocket expenses that often are the largest barrier to entry for most customers.

As I have mentioned in the past, technologically solar is doing great, much innovation is bringing down the cost per watt every year. Although the financial end is key to driving solar energy mainstream. If you think about the reason automobiles are so popular out here in America is because of the easy unsecured on the spot financing. Very few options like this exists for solar energy systems, banks are still understanding the value in financing solar energy systems for people. As the systems become more widely accepted, I feel more banks will create specialized programs to make solar energy systems affordable. Why do you think there is a lack of widely available financing for solar energy systems?

Author: Deep Patel

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