The panels are provided by California-based SolarCity Corp. and financed by National Bank of Arizona. The bank is spending $25 million to buy solar panels from SolarCity and will offer them to Phoenix homeowners in no-money-down leases. SolarCity estimates that the panels will provide between 60 percent and 80 percent of homeowners' electricity needs.
Low-income Phoenix residents can benefit, the bank says: 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 generate revenue from both the lease payments it receives and government rebates and tax credits for solar installations. Executive vice president Chris Robb announced earlier this week that customers of Salt River Project can benefit from the program, too, although the rebates on their installations should be lower.
SRP customers can expect to save about 10 percent on their electric bills thanks to the solar panels.
