Santa Monica PACE Financing
We’re workin’ on it! Santa Monica will soon support property tax solar financing.
Solar Santa Monica, a city-sponsored program, currently provides free residential assessments in order to determine the most cost-effective ways to save energy. The program then puts the homeowner in touch with preferred installers and lenders. Installation under the current program will be financed with no more than a $1,000 down payment from the homeowner.
When Will the Program Start?
The city will be using a small percentage of its stimulus energy block grant fund allocation to study the technical and financial issues involved in establishing an energy efficiency and municipal solar financing program. Once the study is complete, which may be later this year, the city will evaluate how it could either establish its own program or become part of a larger regional or statewide program. The incorporation of municipal solar financing will be made possible by the AB811 law, which allows loan programs to pay back investments in renewable energy systems through property tax payments.