GM and SEIA Provide Financing for Solar Energy Systems

On June 25, the GMAC Mortgage Corporation, a subsidiary of General Motors, announced an initiative with the Solar Energy Industries Association (SEIA) to provide

long-term, low-cost financing for solar energy systems. This represents an expansion of the mortgage offerings for energy-efficient housing by GMAC Mortgage. The announcement was made at a groundbreaking for 18 solar townhouses in Philadelphia that are priced from $60,000 to $65,000 and designed for moderate-income housing. President Clinton issued a statement about the program from China, where he was on a diplomatic trip, applauding the effort as an example of the partnerships envisioned in his Million Solar Roofs initiative.