Phoenix Launches Solar Financing Program

Phoenix, Arizona Mayor Phil Gordon yesterday kicked off Solar Phoenix, the nation’s largest city-sponsored residential solar financing program.

The program, a collaboration among the city of Phoenix, APS (Arizona Public Service), National Bank of Arizona and solar integrator SolarCity, is expected to allow up to 1,000 Phoenix homeowners to adopt solar power by the end of 2010. The program is part of Gordon’s 17-point Green Phoenix plan.

Solar Phoenix is made possible by $25 million in financing from National Bank of Arizona, and includes options for low and moderate-income homeowners in Phoenix. The program allows qualifying Phoenix homeowners to install solar systems with no upfront investment and a small monthly payment that is lower than their previous electricity bills.

Solar Phoenix also incorporates incentives from APS’s Solar and Renewable Energy Incentive Program, which is approved by the Arizona Corporation Commission and funded by APS customers.

In June, SolarCity and US Bancorp (NYSE: USB) created a solar financing fund for homeowners and businesses. SolarCity is also involved in the community-wide solar project at Davis-Monthan Air Force Base near Tucson, Arizona.

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