An agreement between APS and the non-profit Electric and Gas Industries Association (EGIA) provides competitive, unsecured installment financing for a personal renewable energy generating system, such as roof-top solar electric, solar water heaters and windmills.

The new GEOSmart loan is designed to eliminate the up-front cost, which is a barrier for many customers.

APS provides financial incentives to customers who add renewable energy systems to their homes and business. However, even with the incentive and state and tax rebates, there is still an up-front cost.

By using the loan to pay for the amount still owed, customers can add a solar water heater, windmill or other qualified renewable system with no initial out-of-pocket expenses.

"We want to make it as easy as possible for customers who want to add a system," said Eran Mahrer, APS' Renewable Programs Supervisor.

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 roof-top solar electric system costs about $21,000. With financial incentives currently offered by APS and the tax credits given by the state and the federal government, 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.

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