Friday, October 23, 2009
Joe Biden to Solar Power the USA With Berkeley First Municipal Tax Assessment Financing
Vice President Joe Biden just revealed a plan to make Berkeley First available nationwide. Yesterday at his Middle Class Task Force meeting Biden proposed the way to make solar roofs easy for everyone to afford with virtually free solar panels. If you now pay your current electricity bill and own a home, that’s literally all it takes to go solar under municipal tax assessment financing.
How FIRST Works
Residential and commercial property owners in Berkeley can finance new solar photovoltaic systems using the FIRST program in conjunction with the CSI rebate program. BerkeleyFIRST allows property owners to repay the cost of the solar system through a voluntary tax increment on their property tax bill. The City of Berkeley application process is currently closed.
If you are approved, the City pays the installation cost of your new solar system. In turn, the City adds a line item to your property tax bill sufficient to repay the cost of the energy project plus interest over 20 years. If you sell your house, both the solar system and the remaining debt stay with the property. More >>>
As it appears that the Cayman Islands will have to expand their revenue base, the Cayman Islands Government should consider implementing this type of program in conjunction wth the banking industry. Editor