PACE PROGRAM INFORMATION
The City of Galt is now a member of several Property Assessed Clean Energy (PACE) programs. These programs allow Galt’s property owners (residential and non-residential) to finance energy efficiency, water conservation and renewable energy upgrades with low upfront costs through a voluntary tax on their property bill.
PACE programs have unique financing mechanisms that are tied to the property, not the individual. Eligibility is based on property value and equity, not credit score. The payment obligation may transfer to a new owner if the property is sold. A PACE program enables 100% financing of energy retrofits and helps Galt achieve its goal of reducing energy use by 15% before 2020 and to comply with state-mandated water use reductions.
Typical PACE program benefits to the property owner include:
· Eligibility: Provide alternatives for property owners to finance renewable energy/energy
efficiency/water efficiency improvements or electric vehicle charging infrastructure that may not
otherwise be available.
· Savings: Reduced utility bills.
· 100% voluntary: Property owners can choose to participate in the program at their discretion.
Improvements and properties must meet eligibility criteria in order to qualify for financing.
· Payment obligation stays with the property: A voluntary contractual assessment stays with the
property upon transfer of ownership. Certain residential conforming mortgage providers will,
however, require the assessment be paid off at the time the property is refinanced or sold.
· Prepayment option: The property owner can choose to pay off the assessments at any time, subject
to applicable prepayment penalties.
· Rebates: Since the improvements will be owned and not leased, the property owner can take
advantage of applicable rebates.
For further information on the PACE programs, contact:
CaliforniaFirst: 500 12th St., Ste. 300, Oakland, CA 94607
www.californiafirst.org Phone: (888) 996-0571 Fax: (510) 379-5300
Figtree Financing: 9915 Mira Mesa Blvd., Suite 130, San Diego, California 92131
www.figtreefinancing.com Phone: (877) 577-7373
HERO Program: 15073 Avenue of Science, Suite 200, San Diego, CA 92128
www.HEROProgram.com Phone: (855) 437-6411 Fax: (858) 815-6860
Sacramento County Community Facility District #2012-1 (Administered by Ygrene)
Clean Energy Sacramento - Ygrene Energy Fund: 2600 Capitol Ave., Sacramento, CA 95816
www.ygrene.us/ca/sacramento Phone: (916) 444-9700
A one-stop clearinghouse for information on other residential energy efficiency improvements, incentive programs, available rebates, financing options and qualified contractors is available at the Energy Upgrade California website: www.energyupgradeca.org