Have you noticed solar panels on homes in your neighborhood or around town? Solar energy is quickly becoming a popular energy source for homeowners. And why not? Solar panels generate an affordable, renewable energy source that has a positive impact on homeowners’ pocketbooks and, in the grander scheme of things, the air we breathe.

Both nationally and locally, there is a growing movement to conserve energy. Earlier this year President Obama visited Hill Air Force Base in Utah to promote solar energy as an affordable, viable and clean energy resource. On a local level, organizations such as the Susie Hulet Community Solar Program at Weber State University are promoting solar energy for homeowners.

I had the privilege of working with Susie Hulet, and her father Jack Goddard, at United Savings & Western Mortgage early in my career. Susie was a long-time advocate for sustainability practices, and was the key player in increasing awareness and opportunities for renewable, clean solar energy throughout Weber, Davis and Morgan counties.

Last month Goldenwest introduced a new credit line product to finance energy efficient practices, such as solar panels, for our members. With the energy-efficient home equity line of credit, members can purchase solar panels, insulation, gas fireplaces, high-efficiency furnaces, high-efficiency air conditioners, new windows and much more. The loan-to-value requirement for this credit line is 100 percent, which means most homeowners can qualify with little equity in their homes. Monthly payments begin as little as $150 per month, depending on the loan amount.

Many home owners can quickly realize the savings on their investment in solar panels in the form of tax credits. For example, the U.S. Federal Tax Credit is 30 percent of equipment and installation cost with no upper limit for existing homes and new construction. On a state level, homeowners in Utah can earn a Renewable Energy Systems Tax Credit of 25 percent of equipment and installation costs up to a maximum of $2,000.

In the long term, most home owners will break even on their solar panel investment in approximately 8-10 years with the reduction in electricity bills. Ten solar panels can produce enough electricity to cut the average Utah home energy bill by 50 percent! Furthermore, 10 solar panels on a residence can produce enough clean energy to prevent burning more than two tons of coal every year for a decade. I can breathe more deeply just thinking about it!

In other credit union news, Goldenwest is accepting donations for the Utah Chapter of the Cystic Fibrosis Foundation at our branches and our website throughout the month of June. Members are invited to make monetary gifts as little as $1 to raise funds to help combat this life-threatening disease.

Congratulations to Jennifer Montoya who is our employee of the month. Jennifer has one of the toughest jobs in the credit union working in our Collections Department. We appreciate all she does to caringly help our members work through difficult situations, and provide a path that allows them to get back on the road to financial security.

I hope your summer is off to a great start, and you safely enjoy the warm weather with family and friends. I invite you to follow me on Twitter at @GoldenwestCUCEO for the latest credit union news, and some of my favorite quotes.