California homeowners and businesses, taking advantage of a state rebate program that encourages the installation of solar panels, are now generating 1 gigawatt — or 1,000 megawatts — of electricity, roughly the equivalent of a nuclear power plant, state regulators say. Launched in 2007, the $2.4 billion California Solar Initiative has offered rebates as high as $2.50 per watt to businesses and homeowners who installed solar panels, with a target of generating 1,940 megawatts by the end of 2016. According to state data, the program so far has encouraged the installation of 1,066 megawatts, more solar capacity than any other state and more than most countries. While the state incentive has fallen by as much 92 percent since the program was introduced, the number of applications continues to increase as the price of solar power installations falls, the San Francisco Chronicle reports. When the program started six years ago, residential solar systems cost about $9.76 per watt; they now cost about $6.19 per watt.