San Diego Mayor Jerry Sanders to hold meetings about Solar Financing

In July 2008, the State of California passed a new law, Assembly Bill 811 (AB 811), which could help homeowners finance the installation of solar panels.  AB 811 allows customers to finance solar panel installations through their property tax bill over a 20-year period.

The plan was proposed by San Diego Mayor Jerry Sanders in early 2009 and has been signed off by the San Diego City Council.  It is rumored that the solar financing program is seeking an administrator and will take effect early in 2010, but Mayor Sanders will confirm the details in the upcoming meetings this week.

This proposal hopes to increase the sales and installation of solar panel in San Diego where price has always been a concern. With the introduction of this proposal, financing of solar panels will be divided into 20 years.  The number of solar panels and the cost of the overall installation will determine the payments.

The California Solar Initiative already subsidizes solar installations in California.  The CSI delivers rebates for solar installations based on the AC wattage of the solar system.  Also, the Federal Government offers a 30% tax credit for solar installations for residential and commercial purposes.  Currently, homeowners in San Diego only pay for approximately 55-60% of the total cost of their solar electric systems after all of the rebates and incentives.

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