Sacramento County to Receive $16.5M for Energy Financing Program

Sacramento -- Sacramento County, on behalf of 160 local jurisdictions, has been awarded $16.5 M in grant funds from the California Energy Commission’s State Energy Program (SEP) grant program to help support the statewide CaliforniaFIRST (AB 811) program. The grant funds will be used to reduce program costs for participating jurisdictions and property owners who choose to enroll in the program.

The CaliforniaFIRST program will allow property owners to finance energy improvements such as insulation, double-paned windows and solar panels on their existing homes or commercial buildings and pay it back on their property tax bill. Terms can extend up to 20 years and the bill transfers to the new property owner if the property is sold.

“Not only does this help our region reduce greenhouse gas emissions but it also creates valuable trade-related green energy jobs,” said Roger Dickinson, Chair of the County Board of Supervisors. “This financing option will make major energy improvements possible for many property owners who would otherwise not be able to consider them.”

California Communities, the state’s largest joint powers authority with a membership of all 58 counties and the majority of cities, is working in partnership with Renewable Funding and the Royal Bank of Canada Capital Markets to finance and administer a Property Assessed Clean Energy (PACE) program called CaliforniaFIRST. The PACE concept was recently named one of the top 20 ideas that can change the world by Scientific American magazine. A 2009 UC Berkeley study, recently cited by Vice President Biden at a press conference at the White House, found that PACE programs could finance upwards of $280 billion in energy retrofits and significantly reduce greenhouse gas emissions. CaliforniaFIRST will provide all necessary administrative and financial services for participating cities and counties. The goal of this statewide program is to reduce implementation costs for municipalities and provide lower cost capital than would be available through individual programs.

Sacramento County will be in the first group of CaliforniaFIRST cities and counties to launch their programs in summer 2010. Sacramento County, along with other pilot communities will be leading the way by assisting in the development and implementation of CaliforniaFIRST. The program will reflect local policy goals and environmental targets, and coordinate with existing energy programs. The program is scheduled to be available to all other cities and counties in the state by the end of the year. For more information on the CaliforniaFIRST program, see: http://www.renewfund.com/node/223

Source: Sacramento County Municipal Services Communication & Media Office