Californian green property scheme pencilled in for July

July will see the start of a new scheme to encourage greener home ownership in San Diego. US property investors buying in the city will be able to access loans from the local authority to pay the cost of fitting solar panels so their home can enjoy renewable energy.

This will then be recouped through a premium on property tax over a period of 20 years.

Legislation to authorise cities to operate such schemes was passed in the California Senate last year and will enable those without more spare funds available after buying a residence to add green energy features without having to pay the cost upfront.

California is not alone in legislating for new incentives to help property owners in the US make their bricks and mortar more eco-friendly.

A referendum in Florida last November backed a move to exempt householders from any increases in property taxes due to the raised value of their homes resulting from the installation of items such as solar panels or hurricane proofing.

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