Stimulus Package Gives Big Boost to Municipal Solar Financing Programs; Study Projects $280 Billion in Solar Energy Financing

Congress changes tax code, authorizes bonds to support program allowing
residents and businesses to pay for solar and energy efficiency projects through
their property tax bill
WASHINGTON--(Business Wire)--
The economic stimulus package just passed by Congress includes strong support
for an innovative new solar and energy efficiency financing program that allows
property owners to install solar and energy efficiency projects and pay for them
over 20 years through a line item on their property tax bills.

This new program overcomes the principal obstacle that has hindered widespread
adoption of solar and energy efficiency projects by homeowners and small
businesses - the daunting upfront cost. Congress amended the federal tax code to
ensure that participants in this program can take full advantage of the 30%
solar energy tax credit and authorized the use of Qualified Energy Conservation
Bonds to fund the program.

Renewable Funding is the nations` leader in providing financing and
administration for this new solar and energy efficiency program, which is known
as CityFIRST - Financing Initiative for Renewable and Solar Technology. Over a
dozen cities are working on CityFIRST programs in California and Colorado and 10
additional states are working on legislation to authorize similar programs.

A UC Berkeley study published last month in Environment Magazine found the
potential for $280 billion in financing for CityFIRST-type programs if expanded
across the country.

"The CityFIRST program is revolutionizing solar and energy efficiency financing
by making it as easy to go solar as it is to pay your utility bill," said
Renewable Funding Chairman Stephen Compagni Portis. "We are excited that
Congress recognized that the CityFIRST program can create new green jobs and
convert our country to clean energy."

Renewable Funding is available to assist cities and states with launching the
CityFIRST program, including understanding the details of the stimulus package,
local laws and regulations, and developing a process for quick implementation.
For more information call Renewable Funding at 510-451-7900.

Renewable Funding
Cisco DeVries
w. (510) 451-7902
c. (510) 282-4123
cisco@renewfund.com

Copyright Business Wire 2009