Berkeley's Solar Plan Goes Dark

According to the East Bay Express, the city has decided to review their home solar financing program. The program was supposed to help thousands of city residents to install solar panels on their roofs without paying any money at the beginning. The city residents would repay the city over twenty years as part of their taxes.A small number of residents applied to the program. After applying to the program many participants withdrew their names from the list because of the high interest rate which is 7,75 percent. One of the participant says ' They just loan you money higher than you could get elsewhere. ' Such as the bank which holds her mortgage loans at 5 percent. The chief manager of the city's office of Energy and Sustainability reported that the reason the city's interest rate was so high was because only a small number of residents signed up. The more number of residents apply the lower the interest rate.