ASHLAND, Ore., May 29 (UPI) -- Ashland, Ore., is planning to move forward with a solar energy system that would allow residents to buy shares and shift the city toward energy independence.

The city recently won approval from the U.S. government to sell $500,000 in clean renewable energy bonds and is working toward a state business energy tax credit for an additional $300,000, the Mail Tribune reported.

The solar array would be built on the roof of a large storage building in the city.

City residents would be able to buy about 375 shares (at $1,000 each) in the Community Solar Program, paying $8.50 a month for 10 years on their utility bill for each share. They could buy up to 10 shares and would get a credit on their bill from power produced by the array.

The system would produce 130,000 kilowatt hours a year, about three-fourths of 1 percent the city needs.

Ashland residents proved to be strong supporters of solar energy, buying shares when the city put up solar arrays on other city-owned buildings -- Southern Oregon University and Oregon Shakespeare Festival. But if enough residents don't buy into the new system, City Electric and Telecommunications Director Dick Wanderscheid asked that the city be the default purchaser of the shares.

With city council approval, much of the array could be online by late summer.