L.A. Property Owners Gain Access to Financing for Efficiency, Seismic Improvements
Provides financing for up to 100 percent of the project costs
LOS ANGELES — City of Los Angeles property owners can now finance energy efficiency and seismic improvements for their homes and businesses through a new program approved by the Los Angeles City Council. The council authorized the AllianceNRG Program, which is offered through the California Statewide Communities Development Authority (CSCDA) and got its start in San Francisco offering Property Assessed Clean Energy (PACE) financing. The AllianceNRG Program provides financing for up to 100 percent of the project costs for energy efficiency improvements, renewable energy projects, water conservation measures, seismic retrofits, and more.
“I’m very pleased that the city council has passed a critical tool that will help Los Angeles implement my earthquake and sustainability plans,” said Mayor Eric Garcetti. “With this lending tool, property owners will have access to financing for energy efficiency, water conservation, renewable energy, and seismic retrofits that will help spur economic growth while increasing the long-term resiliency of the city’s building stock.”
The AllianceNRG Program is voluntary and is available only to property owners in counties and municipalities that are members of the CSCDA and opt-in to its Open PACE Program. The AllianceNRG Program noted that PACE financing has proven to provide job creation, economic development, reduce energy consumption, and advance renewable energy options. The financing vehicle also helps to increase property values and support regional goals such as water conservation and seismic strengthening.
The AllianceNRG Program is an administrator for CSCDA’s Open PACE Program through a team consisting of CounterPointe Energy Solutions and Leidos Engineering, financed by Deutsche Bank and CounterPointe Energy Partners. The city of Los Angeles joins a growing list of participants in California that include San Diego County, and the city and county of San Francisco.
For more information on the AllianceNRG Program, visit www.alliancenrg.com.
Contractors can register for the program at https://www.alliancenrg.com/retail/contractors.
Publication date: 8/14/2015
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