If you live in Florida and have thought about getting solar panels for your rooftop, did you go to the bank and try to get a loan for the cost? And if you did, what happened? Our guess is that your bank said they weren’t able to extend this type of financing for your project, and perhaps that prevented you from moving forward.
Instead of being limited by finances, there’s potentially a new option on the horizon. Florida Senator Bill Nelson has just filed legislation to change the way that banks work with the solar industry, and if passed, it would mean good news all around.
As it stands, banks are not allowed to invest and own more than 5% of a company that’s not in the financial industry. Nelson’s proposal would allow financial institutions to own up to 20% of a renewable energy company, creating a two-fold opportunity.
First, it would allow solar companies to access the type of capital they need to grow their business and offer more jobs to Florida locals, and it would also create a relationship between banking and solar that wasn’t previously around. That means when a homeowner wants to take out a loan for solar panels, there’s a higher chance that their bank will be able to underwrite this kind of financing.
The bill was just recently proposed, so it’s anyone’s guess whether it will pass and how long it might be before we start to see its effects, however, it’s a promising start for growing solar in the Sunshine State.