April 9, 2014: Calif. Program to Finance Residential Energy Efficiency, Solar Projects
Program Will Provide Low-Cost Financing Repaid by Homeowners via their Property Tax Bill
OAKLAND, Calif. — With the decision to launch the nation’s largest Property Assessed Clean Energy (PACE) financing program, the CaliforniaFIRST residential PACE program is expected to make energy and water efficiency projects more affordable and accessible for California homeowners. Operating under the California Statewide Communities Development Authority (CSCDA), the program will launch this summer in 17 counties and 167 cities.
“We are thrilled to launch the PACE residential program to help homeowners keep more money in their pockets,” said Cisco DeVries, CEO of Renewable Funding. “We especially want to thank Governor Brown and State Treasurer Lockyer for their work to again make this public-private partnership possible. With California in a severe drought and facing higher energy costs, this is a win-win in the truest sense. Homeowners throughout the state will now have more options to lower their energy and water bills and generate clean energy.”
Under the CaliforniaFIRST program, administered by Renewable Funding, homeowners will be able to choose a contractor and install a custom-tailored project — including the purchase and installation of HVAC systems, solar panels, home insulation, low-flow toilets, windows, and roofs. Through PACE, property owners’ repayment is secured through a special tax assessment repaid by the homeowner through the property tax bill over a period of up to 20 years.
The PACE financing mechanism was first pioneered by the city of Berkeley for its residential owners in 2008 and has since spread to over 30 states. Over $200 million in commercial and residential PACE financing has been transacted — a number that is expected to grow significantly with the launch of the CaliforniaFIRST residential PACE program.
“PACE financing is both simple and affordable,” said Ori Skloot, president of Advanced Home Energy, one of the Bay Area’s largest home performance contractors. “We’re eager to be able to offer it to our customers because it makes the value proposition of efficiency and solar projects even better.”
CaliforniaFIRST currently provides financing for commercial, industrial, and multifamily projects. For more information, visit https://californiafirst.org.
Publication date: 4/7/2014