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BERKELEY SOLAR ENERGY NEWS
CITY OF BERKELEY APPROVES INNOVATIVE FINANCING FOR RESIDENTIAL AND COMMERCIAL SOLAR SYSTEMS May 20, 2008
Last November the Berkeley City Council approved a solar initiative that will make it much easier for residents and businesses to jump into solar without paying high upfront costs. The result is that Berkeley will begin a new financing program for solar electricity this summer. Residents and businesses who cannot afford upfront financing for solar will get a break from the City, which has announced it will front the costs for solar photovoltaic systems. The innovative plan calls for the City to levy a 20-year tax assessment on properties to pay for upfront loans to go solar. This tax will apply to the building, not the property owner. This way if the owner sells the home, the assessment will remain in place as the next owner inherits the rest of the loan and the solar system . Property owners who want to participate in the program will need to contact a city-approved solar installer when the program launches. The City of Berkeley will pay the installer and then apply an additional tax assessment to the client that pays for the installation costs and administration fees minus rebates and incentives. Most residential solar installation within Berkeley range from $15,000 to $20,000 with an expectation that the increased tax will be offset by lower electricity bills.
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