Use reverse mortgages for clean power [Opinion]

My parents built one of the first solar-paneled homes in New Bedford. They got three decades of free heat from the system, and when it broke down they invested in a modern photovoltaic system.

I live in the Bay Area and have seen first-hand the excellent work Van Jones has been doing around clean energy. He is a major force in the Apollo Alliance as well as the new group Green For All.

Another person who could be a major player in clean technology could be Congressman Barney Frank as chair of the Financial Services Committee. He could develop a financing tool for investing in clean energy. I personally believe that a reverse mortgage could serve as a model for solar investment (see cleanenergyrm.org).

If consumers could get the rebates from the state and federal government, enjoy the reduction in home utility bills (about $100 a month), see their homes appreciate in value by about $20,000 and also take a major step in protecting the planet for future generations, and only pay for the investment when they sell their homes, then what’s not to like about financing a big-ticket item like solar with a reverse mortgage?

SouthCoast folks could play a key role in helping meet the climate change challenge by letting Congressman Frank know that his current reverse mortgage legislation, H.R. 5758, could include a provision creating a clean energy reverse mortgage.

Craig Williams

San Leandro, Calif.

Found here.

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