San Diego PACE Program
Congratulations, San Diego-ites! You live in a city that supports property tax solar financing.
How does San Diego’s municipal solar financing program work?
In a nutshell, the city’s program allows homeowners to pay for solar panels through property tax bills over a 20 year period. The loans 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 San Diego able to do this?
San Diego’s solar 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. The city is the largest in California to take advantage of the program thus far.
Is the solar financing program available now?
Homeowners can take out loans as part of the program beginning in July 2009. The pilot program is expected to launch in Fall 2009 with about 500 participants, and thousands more following soon after. After about a year, San Diego will open up the financing program to solar hot water heaters and other products that contribute to home energy efficiency.