Los Angeles County PACE Program
How does L.A. County’s municipal solar financing program work?
In a nutshell, L.A. County’s program will allow homeowners to pay for solar panels and other energy efficiency improvements over a 10-20 year period through property tax bills. The loans will carry a fixed interest rate and stay with the house—so if you move, the next tenant continues to pay for the loan through property taxes. That means you don’t have to worry about paying for panels on a house that you don’t live in anymore.
That sounds great! How is L.A.County able to do this?
L.A. County’s program is made possible thanks to California’s AB811 law, which allows loan programs to pay back investments in renewable energy systems through property tax payments.
When Will the Program Start?
Program details are still being mapped out, but it is planned to start July 2010. Loan terms will be between 10 and 20 years, depending on the amount financed. Also, an exciting part of this program is that it will use State and Federal grant funds to help get the lowest interest rate possible for property owner financing. These grants require that the property be energy efficient with conventional energy before going solar, so the program will also make financing available for energy efficiency upgrades, with or without solar systems!
Do you have more info on the status of this municipal solar and energy efficiency financing program? Let us know and we will update this page with your tips.