Mayor Gordon Launches Solar Phoenix; Nation’s Largest City-Sponsored Financing Program for Residential Solar Power
Up to 1,000 Phoenix Homeowners to Adopt Solar Power at Zero Net Cost with No Upfront Investment
PHOENIX, Nov. 10, 2009—Mayor Phil Gordon will kick off Solar Phoenix, the nation’s largest city-sponsored residential solar financing program, in a ceremony today. The program, a collaboration among the city of Phoenix, APS (Arizona Public Service), National Bank of Arizona and SolarCity, is expected to allow up to 1,000 Phoenix homeowners to adopt solar power by the end of 2010.
As part of Gordon’s 17-point Green Phoenix plan, the Mayor will join program organizers to announce Solar Phoenix today at the historic Esser Property in the heart of the city’s Roosevelt Row. The house’s recently completed solar installation is representative of those that will be undertaken as part of Solar Phoenix.
Solar Phoenix is made possible by $25 million in financing from National Bank of Arizona, and includes options for low and moderate-income homeowners in Phoenix. The program allows qualifying Phoenix homeowners to install solar systems with no upfront investment and a small monthly payment that is lower than their previous electricity bills. Solar Phoenix also incorporates incentives from APS's Solar and Renewable Energy Incentive Program, which is approved by the Arizona Corporation Commission and funded by APS customers. Phoenix homeowners can sign up or find more information about the program by visiting www.solarphoenix.org.
About National Bank of Arizona
Founded in Tucson, Ariz., in 1984, National Bank of Arizona is a community bank serving professionals and meeting the needs of small and mid-sized Arizona businesses. Arizona’s fourth-largest bank with more than $4.8 billion in assets, National Bank has over 75 offices throughout the state. For more information, visit nbarizona.com.
APS, Arizona's largest and longest-serving electric utility, serves about 1.1 million customers in 11 of the state’s 15 counties. With headquarters in Phoenix, APS is the principal subsidiary of Pinnacle West Capital Corp. (NYSE: PNW).
SolarCity—a national leader in solar power system design, financing, installation, monitoring and related services—was founded with the mission to help millions of homeowners and businesses adopt clean power, protect themselves from rising electricity costs, and protect their environment from polluting power sources. The company’s SolarLease™, PurePower™ and Commercial Power Purchase Agreement (PPA) options can make it possible for homeowners and businesses to switch to clean, solar power for less money than they currently pay for electricity. Additional information about the company is available on the Web at www.solarcity.com.
|City of Phoenix
|Jan Bracamonte, Crosby/Wright
|National Bank of Arizona