The second phase of the Solar Phoenix program has launched, with the support of a $25 million commitment from National Bank of Arizona (NBA).
According to the bank, this is the U.S.' largest city-sponsored residential solar financing program. It is expected to allow up to 1,000 Arizona homeowners to install solar projects.
Solar Phoenix 2 allows qualifying homeowners throughout Arizona who are within the Arizona Public Service and Salt River Project service territories to install a solar system on their home with no up-front investment. Homeowners pay monthly to lease the equipment.
Solar Phoenix 2 will run through the end of the year. The original Solar Phoenix program, that was only available to Phoenix residents, was announced in November 2009 and ran throughout 2010. In one year, the program provided over 400 residential customers with a solar project, generated approximately 2.8 MW of power and deployed over $26 million into the community, according to NBA.