Todd Woody has written in The New York Times that the federal Government has allotted a sum of $150 million in stimulus money for programs, which will help the owners of houses to set up solar panels and other energy upgrades. The owners will have to pay the cost over a certain period on their property tax bills.
In the wake of the Government's decision, the two Government chartered agencies, which purchase and resell majority of home loans, are saying that they will ruin the endeavor by not accepting loans from homes, which are benefiting from the special financing.
Fitting solar panels in a house can cost around $30,000 to people before the incentives. The State Executives have become anxious due to the mixed responses and therefore, many local Governments are freezing their programs, which have been called as an inventive means to assist the homeowners in retro fitting for solar panels.
The funding programs enable the regional Government to borrow funds in the form of bonds or through other ways. This money is used to provide loans to the home owners to cover the straight cost of installation of solar panels and for other energy improvements.
The loan has to be paid back by the owner through a particular property tax appraisal over a period of 20 years.