A new incentive program offered by the county will help Murrieta residents install energy-saving solar panels on their homes, according to experts.

Last week, the Western Riverside Council of Governments announced its Home Energy Renovation Opportunity financing program, which will make $100 million in home improvement loan money available for Murrieta homeowners and residents of most other cities in Riverside County.

Under the new program, homeowners who have paid their property taxes, made their mortgage payments on time for the last 12 months and who retain at least 20 percent equity in their homes are eligible for HERO financing.

“Coupled with the tremendous prices in solar right now, there is no longer reason for this region not to be known as the solar capital of the world,” said Brian Ambrose, Senior Management Analyst for Murrieta.

“Just in the last year, we’ve tripled our solar installations in Murrieta," Ambrose said. "With this extra avenue of funding, we could again maybe even double the installations.”

Once accepted in HERO, applicants can select a payment plan ranging in duration from five to 20 years, with an average of 7 percent interest. The loan is repaid through annual assessments on homeowner’s property tax bill.

A list of about 15 eligible improvement options includes insulation, water heating, and pool equipment, in addition to solar panels and an option to submit a “custom product” for approval. The minimum amount for HERO financing is $5,000, but WRCOG has estimated that the average residential loan will be approximately $17,500.

In addition to its direct financial and environmental benefits, the HERO program is expected to generate thousands of jobs in Riverside County, according to its supporters.

“This will create hundreds of jobs in Murrieta alone; I think it already has,” Ambrose said. “The solar industry is one of the only growth industries out there right now.”

Kelly Smith, president of Murrieta-based Ambassador Energy, said the program would help make solar panels affordable.

"[The solar industry] is the single fastest growing segment of commerce right now,” Smith said. “With the cost of solar equipment having come down 50 percent in two years, the 30 percent federal tax credit that is guaranteed until at least 2017, and high utility rates … it is very likely that solar energy has an even brighter future ahead.”

While solar power is generally cheaper than conventional energy in the long run, many people have difficulty affording initial purchasing and installation costs that can run $20,000 and above, HelioPower Marketing Coordinator Billie Rafferty said.

“Because of what the summers are like here— and because there are so many of us here that have large homes, and swimming pools, and high electric bills— to be able to help people get that solar on their homes is very exciting,” Rafferty said.

Bryan Kuvshinikov, who has lived in Murrieta for five years, said that he is happy he finally decided to go solar this year.

“One of the things that worried me— that worries anyone—is the uncertainty of the future, and realizing that there’s nothing to stop the prices from raising permanently,” Kuvshinikov said.

“Also, it’s really tough on a family to budget a certain amount for utilities and have it turn out to be more than you expected," he said. "We realized that our expenses would be much more stable and reliable if we installed solar panels.”

The HERO program arrives just as Murrieta is running out of $1,000 solar installation rebates drawn from money received in the Obama stimulus package and other city funds. As of December 19, less than 10 rebates out of an original 110 remained, according to officials.