A Florida lawmaker has filed legislation that would also make it easier for banks to provide financing to homeowners looking to install solar panels on their own roofs.

Senator Bill Nelson hopes his bill will boost investment in renewable sources of energy, like solar by making it easier for banks to own a larger share of renewable energy companies, according to a press release from his team.

Currently, banks can not own more than five percent of a non-financial company, like renewable energy. Nelson’s bill would allow banks to own up to 20 percent of a company that’s engaged solely in producing or storing renewable energy.

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“Florida is the nation’s Sunshine State but ranks twelfth when it comes to solar production,” Nelson said in a statement. “That needs to change. This bill will make it easier for homeowners to invest in their own solar installations while, at the same time, making it easier for larger renewable energy companies to access the capital they need to expand and create more jobs in Florida.”

Extended periods without power following recent hurricanes this fall in Florida and in the Caribbean has sparked a surge in demand for solar panels and batteries.

Nelson’s bill would make it easier for banks to provide special financing to homeowners looking to install otherwise expensive solar panels on their own roofs. While a recent study has said 40 percent of homeowners have given serious thought to adding solar panels to their own roofs, the upfront cost scares homeowners away despite the high-end savings over time.

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