A new program for Connecticut homeowners is promising to explode the installation of home solar systems in the state. Basically, the state will be providing low interest loans to anyone of "moderate or low" income.
The solar systems will be installed for free, and then the residents will pay a flat low rate, presumably in exchange for the power the panels generate. While the upfront costs of solar panels (often more than $30,000) are out of reach for most homeowners, they actually promise to save money over the life of the panels.
So the state is absorbing the up-front costs of the panels for anyone who makes less than 150% of the median income of their area. The households will pay a monthly rate of less than $120. This should represent a nice steady source of income for the state. And, of course, it has wonderful environmental consequences as well, all for less than the cost of some cable TV packages.
Still, they only expect about 1,000 homeowners to take advantage of the program over the next three years. It seems to me that more people would be interested in taking advantage of the program. It's possible that CT is limiting applications at first to ensure viability of the program.
Similar solar lease programs have taken off in California as well, and Wal-Mart has installed many of it's solar panels with similar financing techniques.
written by gmoke, August 18, 2008
written by Hamumu, August 18, 2008
written by gmoke, August 19, 2008
written by electricity cycles, August 22, 2008
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