San Francisco moving ahead with solar loan program

The city of San Francisco is seeking banks to join its effort to provide low-interest loans to residents and businesses who want to invest in solar energy.

This week, Mayor Gavin Newsom’s office released a request for proposals that is expected to end with the selection of a lender for the program.

Under San Francisco’s Clean Energy Loan program, loans will be available for solar roof installations on homes and businesses, providing an opportunity that may have otherwise been available given the difficult state of current credit markets.

Participants will receive a combination of incentives in combination with the city’s GoSolarSF program and federal tax credits. According to the mayor’s office, this should be enough to cut the financial cost of solar installation in half.

"Innovative public/private partnerships, exemplified by this loan program, can help us point the way toward a cleaner energy future," said Newsom in a statement.

Also, solar energy investments aren’t the only thing covered under the planned loan program. The mayor’s office noted that it will also apply to small wind turbine projects and energy efficiency upgrades.
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Author: Tom Staples

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Posted in: Solar Trends

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