| Implementing Sector: | State |
| Category: | Financial Incentive |
| State: | California |
| Incentive Type: | PACE Financing |
| Web Site: | https://renewfinancial.com/ |
| Administrator: | Renewable Funding |
| Cities: | List includes Thousand Oaks, Chula Vista, La Mesa, Lemon Grove, Carlsbad, Del Mar, Encinitas, Escondido, Oceanside, Poway, Santee, Solana Beach, San Diego, Camarillo, Fillmore, Moorpark, Ojai, Oxnard, Port Hueneme, Santa Paula, Simi Valley, Arvin, Huron, Taft, Wasco, Bakersfield, San Luis Obispo, Arroyo Grande, Atascadero, Grover Beach, Morro Bay, Ridgecrest, Clovis, Firebaugh, Kerman, Kingsburg, Orange Cove, Fresno, Reedley, San Joaquin, Selma, Salinas, Carmel By The Sea, Gonzales, Greenfield, King City, Marina, Monterey, Pacific Grove, Seaside, Soledad, Belmont, Burlingame, Daly City, Half Moon Bay, Los Altos, Portola Valley, Millbrae, Pacifica, Redwood City, San Bruno, South San Francisco, Sunnyvale, San Mateo, Alameda, Benicia, Fairfield, Fremont, Hayward, Livermore, Pleasanton, Dublin, San Leandro, Oakland, Piedmont, Albany, Campbell, Capitola, Cupertino, Gilroy, Hollister, Los Gatos, Milpitas, Morgan Hill, San Juan Bautista, Scotts Valley, Saratoga, San Jose, West Sacramento, Citrus Heights, Davis, Dixon, Galt, Rancho Cordova, Winters, Woodland |
| Eligible Renewable/Other Technologies: | Solar Water Heat, Solar Space Heat, Solar Photovoltaics, Wind (All), Geothermal Heat Pumps, Fuel Cells using Non-Renewable Fuels, Wind (Small), Fuel Cells using Renewable Fuels |
| Eligible Efficiency Technologies: | Water Heaters, Lighting, Lighting Controls/Sensors, Furnaces, Boilers, Heat pumps, Air conditioners, Programmable Thermostats, Duct/Air sealing, Windows, Doors, Custom/Others pending approval, Insulation, Reflective Roofs, LED Lighting, Tankless Water Heater, HVAC |
| Eligible Electric Vehicle Technologies: | Level-2 Electric Vehicle Service Equipment |
| Applicable Sectors: | Residential |
| Terms: | Amount financed is no more than 15 percent of the value of the property up to the first $700,000 and is less than 10 percent of the remaining value of the property above $700,000 |
Note: In 2010, the Federal Housing Finance Agency (FHFA), which has authority over mortgage underwriters Fannie Mae and Freddie Mac, directed these enterprises against purchasing mortgages of homes with a PACE lien due to its senior status above a mortgage. Most residential PACE activity subsided following this directive; however, some residential PACE programs are now operating with loan loss reserve funds, appropriate disclosures, or other protections meant to address FHFA’s concerns. Commercial PACE programs were not directly affected by FHFA’s actions, as Fannie Mae and Freddie Mac do not underwrite commercial mortgages. Visit PACENation for more information about PACE financing and a comprehensive list of all PACE programs across the country.
The CaliforniaFIRST Program is a Property Assessed Clean Energy (PACE) financing program for residential properties. PACE allow property owners to finance the installation of energy and water improvements on their homes and to pay the amount back through their property taxes. CaliforniaFIRST is available to residential customers in participating counties. Check here to find a pace community near you.
State law prohibits PACE program administrator from approving an assessment contract unless the program administrator determines the property owner has a reasonable ability to pay the annual payment obligations for the PACE assessment. S.B. 645 broadens PACE financing opportunities by allowing financing in high risk fire hazard zones for wildfire safety improvements.
More information and a complete list of the currently approved energy and water efficiency technologies are available at the web site above.
| Name: | A.B. 1284 |
| Name: | A.B. 2063 |
| Name: | S.B. 645 |
