Renewable Funding is now providing a first-in-the-nation financial service allowing property owners to install solar panels and pay for them over 20 years through a voluntary line item on their property tax bills.
The company provides a complete financing and administration package to cities interested in offering this financial product to property owners. The City of Berkeley selected Renewable Funding to finance
and administer its nationally recognized new solar and energy efficiency program.
This innovative financing program, known as CityFIRST, overcomes the principal obstacle that has hindered widespread adoption of solar and energy efficiency projects by homeowners and small businesses -- the daunting upfront cost.
With CityFIRST, owners can afford to install solar installations and major energy efficiency projects and pay for them over 20 years. If the property is subsequently sold, the repayment obligation transfer to the new owner.
"CityFIRST is a game-changer for solar and energy efficiency," said Stephen Compagni Portis, Renewable Funding's founder and chairman.
"With CityFIRST, people are converting their homes and businesses to clean energy with little or no additional cost. We are making it as easy to go solar as it is to pay your utility bill."
CityFIRST is quickly gaining steam as a pillar of government and community based efforts to reduce energy costs and greenhouse gas emissions. Both California and Colorado have passed new state laws enabling any city or county to implement the CityFIRST program. Dozens of cities have announced an interest in replicating the program.
"The CityFIRST program eliminates the most significant roadblock to widespread adoption of solar and energy efficiency. It turns a large upfront capital cost into small incremental payments. I expect hundreds of cities will quickly move to adopt this program," said Professor Daniel Kammen, Director of the Renewable and Appropriate Energy Laboratory
at UC Berkeley and an advisor to Renewable Funding. Kammen recently highlighted the CityFIRST program in testimony before the U.S. Congress.
Renewable Funding is led by an experienced management team, including Cisco DeVries, Mimi Frusha, and Stephen Compagni Portis.
Source - Solardaily
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This addresses only a part of the financial issues of installing photovoltaics. The cash flow over time issue is not remedied until you also provide Renewable Energy Payments, as Germany, Spain, and Greece do. To simply offer a lending source does not address the entire issue. To leave such an impression, as I believe this article does, ads more confusion than solution. This is why so many across the globe are demanding renewable energy payments (aka Feed-In Tariffs).
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