The Los Angeles Business Council promises excellent jobs and 600 MW of electricity if the city can institute a solar finance program. The proposed solar finance program would be funded by the Department of Water and Power. It would allow Los Angeles to create 3% of its electricity from the sun and attract solar companies to the area to create jobs.
The program, which has been implemented in Florida and Germany, is already a success. It will encourage business owners and homeowners to install solar on their homes and commercial buildings.
All excess electricity generated can be sold back to the utility company at a set rate for the next 20 years.
Solar has already created 4,300 local jobs, but investment by the city of Los Angeles through solar financing would further propel the solar industry.
The program will be paid by the Department of Water and Power. It is estimated that the program will cost $35 million a year from its $4 billion budget. Already, the budget includes $800 million for renewable energy programs. By teaming up property owners, Los Angeles can deploy solar with this robust finance program.
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