By Patrick O’Grady
Phoenix Business Journal
Solar Phoenix 2, a $25 million plan to generate more power from residential rooftops throughout the city, is running a little slower than its predecessor.
Changes in the market, lower incentives and other factors are softening demand for the project. Still, about 200 homeowners have signed up for leases on solar systems designed to boost demand up to 1,000 customers.
“I think there still is that pent-up demand,” said Craig Robb, managing director of National Bank of Arizona and Zions Energy Link in Phoenix.
NBAZ is bankrolling the program through financing with partners Morgan Stanley and San Francisco-based Clean Power Finance. A similar program three years ago landed 440 solar systems, and those involved estimate the program could double that number because of declines in the price of solar.
The challenge has been qualifying people. The program, also backed by $250,000 from Phoenix’s Industrial Development Authority to cover defaults, has tough criteria for applicants. Despite a lower-than-expected number moving forward, NBAZ has received more than 1,600 inquiries, Robb said.
If interested in discussing energy matters, you can contact Court Rich, director of Rose Law Group’s Renewable Energy Implementation Department, email@example.com