Title
a. Receive an update on CaliforniaFIRST, a Property Assessed Clean Energy (PACE) program in Monterey County from Renew Financial representative Jonathon Kevles; and
b. Provide direction to staff as appropriate.
Report
RECOMMENDATION:
It is recommended that the Alternative Energy & Environment Committee:
a. Receive an update on CaliforniaFIRST, a Property Assessed Clean Energy (PACE) program in Monterey County from Renew Financial representative Jonathon Kevles; and
b. Provide direction to staff as appropriate.
SUMMARY:
The CaliforniaFIRST program, part of Renew Financial, is a Property Assessed Clean Energy (PACE) program, which began operations in 2014 across the state of California. CaliforniaFIRST offers no money down loans for a variety of residential sustainability projects, including but not limited to, energy efficiency, renewable energy, and water-saving upgrades.
In April 2015 the AEE received an update on the CaliforniaFIRST PACE program as it relates to Monterey County. The AEE was presented with information on 2014 program activity. This month, Jonathan Kevles from Renew Financial will present to the AEE on the current status of the CaliforniaFIRST program in Monterey County, from program inception to present day.
DISCUSSION:
CaliforniaFIRST finances home energy efficiency, solar, and water efficiency projects through borrowing potential on home equity, up to 15% of the property value. Repayment of these loans is through property taxes over a 5-25 year term at a fixed rate. Approved applications are selected and funded using a set of qualifying criteria set by CaliforniaFIRST. CaliforniaFIRST then works with a third party tax administrator and the County's Auditor-Controller's office to incorporate the loan repayment on the homeowner's bill.
At its April 2015 meeting, the AEE Committee received a presentation from CaliforniaFIRST PACE program. The program had been active for approximately one year. The AEE was presented with in...
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