ATLANTA — For far too long, it appears that solar power energy has often only been available to the wealthy, but Rhode Island-based nonprofit CDFI Capital Good Fund is working to change that.
The organization launched the pilot of their innovative Georgia BRIGHT (Building, Renewables, Investing in Green, Healthy, Thriving Communities) solar leasing program on Tuesday, which will expand solar access to Georgian families.
Around 200 homeowners making less than $100,000 a year will be able to lease solar systems that Capital Good Fund owns and maintains. To qualify, homeowners must have a roof in good condition and meet certain income requirements, with no minimum credit score required.
"I've dreamt of doing this for 15 years, and it's really made possible by the federal legislation as well as the partnerships locally," CEO and Founder of Capital Good Fund Andy Posner said.
Through Posner's nonprofit, and with the help of federal funding under the Inflation Reduction Act, the conversation around clean energy is changing.
"You use the water and power first, and the bill comes later. I've seen the power and water bill being cut off and those families having to leave and that's a big motivating factor for me," Owner of Better Tomorrow Solar Kaveh Kamooneh said.
The average cost to install solar panels at a home in Georgia is around $20,000 but the leasing program will eliminate that expense-- leaving homeowners with a low monthly lease fee, which results in savings each month on their utility bill.
"The value in energy savings could be as much as $150 a month," Kamooneh added.
The leasing program is starting with a pilot phase offering to homeowners in the metro Atlanta, Greater Savannah, and Athens areas. Capital Good Fund is also working with local installers, Better Tomorrow Solar, Sunpath Solar, and Be Smart Home Solutions, which will handle the Engineering, Permitting, and Construction (EPC). For more information, click here.