APS Offers Customers Loans for Renewable Energy Systems

We are continuing to find ways to help customers add their own renewable energy systems, such as rooftop solar electric and solar water heaters.

APS residential customers are now eligible for GeoSmart ® Loans — competitive, unsecured installment financing specifically designed for the purchase of a personal renewable energy generating system.

The loans, which are offered through the non-profit Electric Gas & Industries Association (EGIA), eliminate the up-front cost of installing a system. We have found that the initial out-of-pocket expense is sometimes a barrier-for-entry for many customers.

“The program will enable more APS customers to take advantage of rebates and tax incentives already available for adding renewable energy systems,” said Eran Mahrer, Regulatory Affairs Supervisor, Renewable Policy.

Like any loan, customers will have to pay back the lender both principal and interest. The GEOSmart® loan program enables customers to use a part of the financial incentive offered by APS to buy down interest rates.

For example, a 3-kilowatt rooftop solar electric system costs about $21,000. With financial incentives currently offered by APS and the tax credits given by the state and 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.

It is a win-win for both the company and customers when customers produce their own electricity. Customers can save on their monthly bills, and the additional electricity can help APS meet Arizona’s growing demand for energy.

More information about the program can be found at www.egia.com/aps.

EGIA is a non-profit organization dedicated to advancing energy efficiency and renewable energy solutions. The loans are funded through an EGIA partnership with General Electric Money and will be offered through EGIA approved contractors.