LABC Looks Forwards to Working with Mayor Villaraigosa to Establish Ambitious Feed-in Tarrif solar Program in Los Angeles

March 15, 2010

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For Immediate Release March 15, 2010

LABC LOOKS FORWARD TO WORKING WITH MAYOR VILLARAIGOSA T O ESTABLISH AMBITIOUS FEED-IN TARIFF IN LOS ANGELES

The Los Angeles Business Council issued the following statement today in response to Mayor Villaraigosa’s proposal to establish a Feed-in Tariff (FiT) solar program in Los Angeles:

“The Los Angeles Business Council welcomes Mayor Villaraigosa’s proposal for a Feed-in Tariff (FiT) program as an important step forward in the dialogue to dramatically expand the use of solar power generated in and around Los Angeles. During the past seven months, we have carefully studied the potential for a FiT program in Los Angeles as the lead organization in a coalition of local businesses, universities and public-sector institutions— and we applaud Mayor Villaraigosa for making the adoption of a meaningful FiT program in our city a priority.

“In the coming weeks, our coalition will release a comprehensive study in collaboration with experts at UCLA, assessing the feasibility of regional FiT programs. Preliminary findings from this study show that a well-designed and incentivized FiT program in Los Angeles would generate 500 megawatts of solar electricity, satisfying three percent of the city’s energy needs and producing cost-savings over the longterm for businesses and ratepayers. At the same time, this program would create more than 11,000 local jobs and help build the green economy in the region, spurring economic growth and supporting a significant increase in the local tax base.

“As details for the city’s new renewable energy program are put in place, LABC will advocate for the inclusion of an effective FiT program that sets ambitious targets for energy generation, provides adequate incentives for participation and maintains a time horizon of at least 10 years so the program’s cost savings can be fully realized.

“We look forward to working with the Mayor, the City Council, the business community and other key stakeholders to craft and secure passage of an efficient and cost-effective solar energy plan that moves Los Angeles away from fossil fuels and develops the green industries that will be vital to our region’s economic future.”