The White House Adds $1 Billion In Clean Energy Lending

The White House continues to roll out measures that will help support the Clean Power Plan.

One of the most significant new developments in this push for more renewable energy is an additional $1 billion that will be made available as loan guarantees. This new money is specifically aimed at spurring more distributed energy projects, of which residential solar is a primary part.

A key component of this new funding will be its ability to work with “Green Banks” in states across the country. The White House knows that in order for this new money to be effectively used for solar power projects, streamlined financing must be made available on a local level.
clean energy funding
The plan also calls for further roll out of PACE financing. PACE stands for Property Assessed Clean Energy. It is a way to finance renewable energy projects through an increase in property taxes. PACE is viewed as a great way for homeowners to finance solar power systems. The White House also plans on making PACE more readily available to homeowners with FHA insured mortgages. This is another way in which solar is being made more accessible to lower income homeowners.

Energy efficiency is also a major focus for this new available clean energy funding. A great number of programs in states across the country will soon be looking to reduce energy use in all types of residences. A major focus will be to improve energy efficiency in lower income homes. The long term energy savings will be in the many millions of dollars.

Another piece of related news concerns the Riverside, California area. A new transmission line has been approved to supply power from a 485 Megawatt solar pv project. It’s called the Blythe Mesa Solar project and it will be able to provide energy for 145,000 homes.

What’s really great about this plan is that homeowners looking into solar power can easily become the producer of, and owner of the energy that they need. This opportunity exists today, but many homeowners are simply not aware of this option. People are often only made aware of leasing because the largest solar power companies stand to profit the most from offering long term solar panel leases. This is and never was in the best interest of homeowners.

So help spread the word to the homeowners you know – there’s plenty of available financing for solar!

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