Berkeley Approves Solar Power Real Estate Initiative- Orange you Smiley NOW?

Berkeley Approves Solar Power Real Estate Initiative- Orange you Smiley NOW?

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The Berkeley City Council has given the green light on a new green initiative: a solar power loan program that would be the first of its kind in the nation.  

Last night the city council unanimously approved the bill that would loan current homeowners the up-front cost of installing solar panels on their home.    The average cost to install these amazing energy conservers is $20,000-30,000 depending on how large the home is. 

During the next 8 months the city staffers will completely work out all the financial, legal, and tax details in order to submit the proposal for final approval by the council next summer.

It states in the approval that, “The initiative calls for the city to facilitate a 20-year loan with a small interest – perhaps as low as 2 percent – to individual homeowners. Homeowners would pay back the loan every month along with property tax bills.” Since going solar usually means a zero dollar electric bill, it could end up costing homeowners nothing.

Some individuals who work for solar energy companies, said homeowners could break even about halfway through the loan.  The standard payback will have an estimated time of 8-10 years, but it delivers power for 30!!!!

One of the main concerns from homeowners is what happens when they want to move as written earlier this month in: Green Real Estate.  Do they still have to pay back on the loan?  Berkeley homeowners can rest assured, Mayor Tom Bates, said the project would benefit homeowners, even if they decide to sell the property before the 20 year loan period is over.   When the homeowner decides to sell, they get the benefit.  The new owner will take over the obligation, so it’s a win-win situation.  

With Berkeley being the leader in this innovative city project, lets just hope more towns will follow in the footsteps.   You know I will be one of the first to report on it, when the next city decides to GO GREEN.

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