Low- and No-Interest Loans for Solar Panels

I was excited to see this news today from the state capitol. Jefferson County should definitely try to offer low- and no-interest loans to residents who want to move toward renewable energy.

CLEAN ENERGY FOR ALL COLORADANS!
Program provides low- and no- interest loans for solar panels at home or business

DENVER – Tuesday at noon, House Majority Leader Alice Madden, championed the ‘Clean Energy Home Financing Act,’ making renewable energy systems – including small scale wind and solar – affordable for all Colorado homeowners and small businesses. Rep. Madden was joined by state legislators, local elected officials and clean energy leaders as employees from Namaste Solar Electric held an array of solar panels.

Two hours later, House Bill 1350 passed out of the House Transportation & Energy Committee unanimously.

“Despite the availability of rebates, many Coloradans cannot afford the upfront costs of efficiency investments right now, even though it saves time and money in the long run,” said Rep. Madden. “But this legislation gives our communities the tools for investment that will help homeowners and businesses build the new energy economy.”

HB 1350 helps Coloradans of all income levels participate in the energy economy by providing low- and no- interest loans for energy savings devices like wind turbines and solar panels.

Cities and counties will be able to provide low- and no- interest loans for the upfront costs of panels and turbines. Home and business owners will then have the option of paying back the loans over time through a property lien. Communities can finance loans using existing bond potential, or by creating special energy improvement districts.

“This is a remarkable program and the first of its kind in the country,” Rep. Madden noted. “Just think about affect it could have: this sets the groundwork so every Colorado home, farm, ranch, and business can invest in a new energy future.”

The bill now moves to the House floor for further debate. It is being co-sponsored in the by State Senator Chris Romer (D-Denver).