Sustainable Energy Financing Districts | Miller–McCune
From an article by Matt Jenkins:
DeVries proposed creating a Sustainable Energy Financing District, into which property owners who wanted to install solar systems could annex themselves. That district could then issue bonds whose proceeds could finance the upfront costs of photovoltaic systems; participating homeowners could use the money they save on their utility bills to pay the tax assessment. That assessment stays with the property, so if a homeowner moves, the next resident picks up the repayment — and gets the solar power. ...
[DeVries] created a "turnkey" model that cities could adopt to access on-demand financing for energy projects, a model that Renewable Funding now calls CityFIRST. That model, in effect, bundles scores of bonds for individual solar-installation projects into a package big enough that it won't be laughed out of the market. ...
The model is beginning to take off. Last fall, the city of Palm Desert, in Southern California, began its own program. That program focuses on improving energy efficiency as well as installing solar panels, and has already made $7.5 million in loans to 208 homeowners. Last year, the California Legislature also created a statewide Clean Energy Finance Program that allows governments throughout the state to issue bonds like Berkeley's. Sonoma County, in Northern California, and Boulder County in Colorado, are now starting their own versions of the program; San Diego will start a program this year, and San Francisco hopes to make at least $20 million in loans this year.
