Largest PACE Program in the United States to Launch: Homeowners Across California Can Finance Solar and Efficiency Projects Via

    Largest PACE Program in the United States to Launch: Homeowners Across
 California Can Finance Solar and Efficiency Projects Via Property Assessment

Renewable Funding will run program providing low-cost, 20-year financing in 17
Counties and 167 Cities this summer

PR Newswire

OAKLAND, Calif., March 24, 2014

OAKLAND, Calif., March 24, 2014 /PRNewswire-USNewswire/ -- With the decision
to launch the nation's largest Property Assessed Clean Energy (PACE) program,
California homeowners will soon be able to more easily save money by reducing
their energy and water use through an innovative public-private financing
partnership. Operated under the auspices of the California Statewide
Communities Development Authority (CSCDA), the CaliforniaFIRST residential 
PACE program will launch this summer in 17 California counties and 167 cities,
and makes energy and water efficiency projects more affordable and accessible
for millions of California homeowners.

"We are thrilled to launch the PACE residential program to help homeowners
keep more money in their pockets," says 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
clean energy project—including the purchase and installation of HVAC systems,
solar panels, low-flow toilets, home insulation, 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 up to 20 years. 

Earlier this month, California Governor Edmund G. Brown Jr. and State
Treasurer Bill Lockyer announced key actions to create a PACE mortgage loss
reserve program to address concerns raised by mortgage entities. Administered
by the California Alternative Energy and Advanced Transportation Financing
Authority (CAEATFA), the loss reserve program will refund mortgage holders
from losses associated with a PACE lien on the property.

In announcing the reserve program, Governor Brown commented, "PACE enables
homeowners to buy solar panels, install low-flow toilets and make other smart
investments that save energy and water without breaking the bank. As
California confronts a severe drought and a rapidly changing climate, this
program gives homeowners another opportunity to do their part."

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 transacted – a
number poised to grow dramatically with the launch of CaliforniaFIRST. 

"PACE financing is both simple and affordable," said Ori Skloot, President of
Advanced Home Energy, one of the Bay Area's largest and most successful 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."

Numerous studies, including the Johnson Controls annual Energy Efficiency
Indicator, and market analyses in recent years have pointed to the lack of
attractive financing options as one of the key barriers that prevent owners
from making deep energy efficiency upgrades on their buildings. With
CaliforniaFIRST, many people view the state of California as having the
greatest potential to unlock the promising energy efficiency market.

CaliforniaFIRST is a program of the CSCDA which was created in 1988 to provide
California's local governments with an effective tool for the timely financing
of community-based public benefit projects. CSCDA is sponsored by the
California State Association of Counties and the League of California Cities.
More than 500 California cities, counties and special districts are members of
CSCDA.

SOURCE CaliforniaFIRST

Contact: Cliff Staton, (415) 203-2471
 
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