City-sponsored solar financing program launches in Arizona
The program will allow up to 1,000 Arizona homeowners access to solar power
Phoenix, May 15, 2012 — The second phase of a city-sponsored residential solar financing program launched thanks to the infusion of a $25 million commitment from National Bank of Arizona.
The program will allow up to 1,000 Arizona homeowners access to solar power. Energy Secretary Stephen Chu formally recognized the program as an ideal national model of private solar funding that can be easily replicated in cities across America.
Solar Phoenix 2 allows qualifying homeowners throughout Arizona who are within the Arizona Public Service and Salt River Project service territories, to install a solar system on their home with no upfront investment. Homeowners simply pay monthly to lease the equipment and enjoy the clean solar electricity the system generates.
The Solar Phoenix 2 program takes advantage of a new solar lease, which also provides a performance guarantee and covers all system maintenance. The homeowner's monthly payment for the solar electricity is typically lower than their previous electricity bills, and depending on their usage, customers are expected to see up to 10 to 15 percent utility savings per month.
Solar Phoenix 2 is expected to allow up to 1,000 homeowners access to affordable solar power and will run through the end of 2012. The economic impact of the program is estimated to generate 234 direct and indirect jobs.
The original Solar Phoenix program, that was only available to Phoenix residents, was announced in November 2009 and ran throughout 2010. In one year, the program provided over 400 residential customers with a solar energy solution, generated about 2.8 MW of power and deployed over $26 million into the community.