The legislation creates a new program that allows homeowners and small businesses to take out loans for energy upgrades such as solar panels, new H-VAC systems or insulation. California will put aside up to 50 million dollars to guarantee the loans:
Skinner: "It gives the private sector, the banks, the confidence to give the loans because the state will guarantee it."
That's Democratic Assemblywoman Nancy Skinner. She wrote the bill. She says the loans will probably average 25 to 50 thousand dollars:
Skinner: "Which of course will put some of our construction workers back to work and also, when the retrofits are done, will save the small business and homeowner money over the long run because it'll drop their utility bills."
Skinner says as long as customers pay the banks back, the
program won't actually cost the state any money.
