PHOENIX, May 15, 2012 /PRNewswire/ -- The second phase of the nation's largest city-sponsored residential solar financing program launched today thanks to the infusion of a $25 million commitment from National Bank of Arizona (NBA).

U.S. Energy Secretary Steven Chu and Phoenix Mayor Greg Stanton took part in an event to unveil the details of a program that will allow up to 1,000 Arizona homeowners access to affordable solar power. Secretary Chu formally recognized the program as an ideal national model of private solar funding that can be easily replicated in cities across America.

"Solar Phoenix 2 leads the way for a brighter and more secure energy future, a future for which I, as Mayor, intended to aggressively advocate on behalf of our residents," Phoenix Mayor Greg Stanton said. "We are tapping into Arizona's greatest resource, we're making solar happen and we're creating real jobs in our city. Solar Phoenix 2 reaffirms that Phoenix is the definitive place for investment in solar energy and opportunity and for a sustainable and successful economic future."

Solar Phoenix 2 allows qualifying homeowners throughout Arizona who are within the APS (Arizona Public Service) and SRP (Salt River Project) service territories, to install a solar system on their home with no upfront investment. Homeowners simply pay monthly to lease the equipment and enjoy the clean solar electricity the system generates.

"As Arizona's largest community bank, we are committed to economically sound and safe lending practices as well as bringing a sustainable future to the communities we serve," said Craig Robb, managing director of National Bank of Arizona and Zions Energy Link. "The pursuit towards sustainable energy independence for the masses is a long road with the biggest challenge being the cost of capital and availability of financing. Our $25 million commitment to support Solar Phoenix 2 is part of a long-term vision to help overcome the barriers to entry for solar power."

The Solar Phoenix 2 program takes advantage of a new solar lease, which also provides a performance guarantee and covers all system maintenance. The homeowner's monthly payment for the solar electricity is typically lower than their previous electricity bills, and depending on their usage, customers are expected to see up to 10 to 15 percent utility savings per month. In addition to the economic benefits, homeowners can feel a sense of pride knowing they are using clean, renewable energy and a sense of security that comes from energy independence.

Solar Phoenix 2 is expected to allow up to 1,000 homeowners access to affordable solar power and will run through the end of 2012. The economic impact of the program is estimated to generate 234 direct and indirect jobs.

The original Solar Phoenix program, that was only available to Phoenix residents, was announced in November 2009 and ran throughout 2010. In one year, the program provided over 400 residential customers with a solar energy solution, generated approximately 2.8 MW of power and deployed over $26 million into the community.

The program is a collaboration among the city of Phoenix, National Bank of Arizona, APS (Arizona Public Service) and SRP (Salt River Project). Interested homeowners can learn more and sign up at [ www.solarphoenix2.org ] or call 1-800-748-8900.

About National Bank of Arizona

National Bank of Arizona was founded on a mission of building local relationships and providing exceptional customer service. More than 25 years later our approach hasn't changed. We still pride ourselves on providing local expertise and delivering award-winning service. More than just a business bank, we've expanded to a full-service financial institution offering a suite of products and services tailored to our clients' lives. This comprehensive approach to banking enables NB|AZ to be the only bank YOU need. For more information, visit [ www.nbarizona.com ]

City of Phoenix

[ www.cityofphoenix.gov ]

APS

APS, Arizona's largest and longest-serving electricity utility, serves more than 1.1 million customers in 11 of the state's 15 counties. With headquarters in Phoenix, APS is the principal subsidiary of Pinnacle West Capital Corp. (NYSE: PNW). [ www.aps.com ]

SRP

Salt River Project (SRP) is the third-largest public power utility in the country and serves about 945,000 electric customers. The SRP Board has set a goal to meet 20 percent of SRP's retail electricity requirements through sustainable resources by the year 2020. Currently, SRP is ahead of schedule – providing a little more than nine percent of retail energy needs with sustainable resources, which include renewable energy, hydro power, conservation, efficiency and pricing measures. [ www.srpnet.com ]

SOURCE National Bank of Arizona

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Nation's Largest City-Sponsored Solar Financing Program Re-Launches in Arizona

Nation's Largest City-Sponsored Solar Financing Program Re-Launches in Arizona

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