Program Might Boost New Renewable Energy Projects
Before long, businesses and home owners in the state of California might have the opportunity to take advantage of a statewide loan program that would fund renewable energy projects. Last week, the states Senate approved a bill that will create the Property Assessed Clean Energy fund.
The money for the approved bill will utilize funds from the Federal stimulus as well as $50 million from the existing California Energy Commission fund. Under the newly established program, local governments will be able to make loans that can be used for renewable projects and equipment.
Loans obtained through the Property Assessed Clean Energy funding will carry a 20 year repayment term. And, interest will be added through additional property tax assessments. Now that the bill has been approved by the Senate, it will move on to the Assembly.