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Nonprofit Capital Good Fund is providing solar loans to low and middle-income residents in Houston, addressing barriers like credit scores. The organization aims to make solar technology accessible, especially in Texas due to extreme heat, sunlight, blackout risks, and rising energy prices. The program offers 25-year loans with flexible interest rates and no prepayment penalty. The initiative targets households with incomes up to 120% of the area median income.
Capital Good Fund has expanded its solar lending efforts to Texas, offering subsidies and grants. Challenges include high-interest rates, differing incentives in metropolitan areas, and misleading sales practices in the industry. Resources like Texas Power Guide and Solar United Neighbors aid residents in navigating solar adoption.
The organization has issued 154 solar loans, with initial efforts in Houston supported by a $50,000 grant from JPMorgan Chase. Conroe resident Mickey Lee, a loan recipient, views rooftop solar as a long-term solution, providing cost savings and insurance against inflation and fuel cost hikes.
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