OAKLAND, Calif., March 24, 2014 /NEWS.GNOM.ES/ — With the decision to launch the nation’s largest Property Assessed Clean Energy (PACE) program, California homeowners will soon be able to save money by reducing their energy and water use through an innovative public-private financing partnership. Operated under 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.”
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 FHFA, the federal agency that oversees the mortgage entities Freddie Mac and Fannie Mae. 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.