Through an agreement between Arizona utility APS and the nonprofit Electric & Gas Industries Association, APS customers can access a new loan program that provides unsecured installment financing for personal renewable energy systems, such as rooftop solar electric and solar thermal installations.
The new GEOSmart loan, APS says, is designed to eliminate the up-front costs of a solar system. The program enables customers to use a part of the financial incentive offered by APS to buy down interest rates.
For example, a 3 kW rooftop solar electric system costs about $21,000. With financial incentives currently offered by APS and the tax credits given by the state and the federal governments, the out-of-pocket cost to a customer is around $9,000. Now, through the GEOSmart program, homeowners have the option of financing the remaining $9,000, thus eliminating any initial out-of-pocket expenses.