According to the Arizona Republic reports, around 1,000 Arizona Public Service Company customers will be able to lease solar panels for home installations.
Financed by National Bank of Arizona, the panels will be provided by California-based SolarCity Corp. The bank will spend about $25 million to buy solar panels from SolarCity and will then offer them on lease to Phoenix homeowners in no-money-down leases.
It is estimated by SolarCity, that the panels will provide between 60 percent and 80 percent of homeowners’ electricity needs.
According to the bank, the low-income Phoenix residents can also benefit. The applicants will be assessed on creditworthiness, not income. And even with the monthly lease payments, APS customers should save 15 percent of their current utility bill.
The bank will create revenue from both the lease payments it receives from applicants and the government rebates and tax credits for solar installations.
Chris Robb, the executive vice president declared earlier this week that customers of Salt River Project can benefit from the program, too, although the rebates on their installations should be lower.
The customers can save about 10 percent on their electric bills thanks to the solar panels.
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