How To Use Property Tax Assessments to Finance Your Solar System.

California passed AB 811 in September 2008, giving all California cities and counties the ability to offer low-interest loans for renewable energy projects to homeowners and small businesses. The cities are able to finance the installation costs through either City internal funds or the issuance of a bond and the project is secured through a property lien. The cost of the bond is then recouped over a specific time frame and repayment is made through tax rolls. For example, in the City of Palm Desert, AB811 offers a low interest rate loan (so far at 7% amortized over 20 years) from the City and is repaid every six months along with the County property tax payment.

Some of the advantages to AB811 are:
• Transferability - Residents would pay back the loans through assessments on property tax bills; if they move, the outstanding loan balance is taken over by the new owner.
• Little to No Out of Pocket Money - The renewable energy property owner immediately enjoys a greatly reduced electric bill with no out-of-pocket expense.
• Access to Capital - It requires NO credit check and can pass to new owners of property without future credit checks through title transfer at escrow. Loans have a minimum of $5,000 and no maximum limits.
• Small Payments Over Longer Time - The interest rate is fixed and paid bi-annually through property taxes.

California cities currently offering this financial vehicle are:

- Berkeley - Financing Initiative for Renewable and Solar Technology (FIRST)
- Palm Desert - Energy Independence Program
- Santa Monica - Solar Santa Monica
- Sonoma County - Energy Independence Program

For more information on how you can access AB 811 or other solar financing options, contact us at info@djhconstruction.com. You can read this press release at:
http://www.prlog.org/10260739-how-to-use-property-tax-assessments-to-finance-your-solar-system.html