Santa Cruz PACE Program
Congratulations, Santa Cruzians! You live in a city that supports property tax solar financing.
How does Santa Cruz’s municipal solar financing program work?
The Energy Independence and Economic Stimulus Initiative (a.k.a. the Santa Cruz Energy Efficiency Program), which just got approved for advancement on May 12, 2009, will allow homeowners to install solar panels and/or solar thermal systems and pay for them through property tax bills over a 20-year period. 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 Santa Cruz able to do this?
Santa Cruz’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.
Is the solar financing program available now?
Details of pilot programs are being developed, and are expected to be implemented later this year. But why wait? The Green Loan Program currently in place allows interested residents to borrow from the Santa Cruz Community Credit Union (SCCCU). Once the public program takes effect, these loan participants will be first in line for the transition, and their credit union debts will simply be transferred.