California PACETM Program
Background
Assembly Bill 811 enables California property owners in special assessment districts to enter into voluntary contractual assessments against their properties to finance a range of authorized energy and water efficiency products and energy projects, including solar power. The Board of Supervisors has approved the formation of a special assessment district for PACE financing. FIGtree Energy Resource Company of San Diego will administer California PACE™ financing throughout Lake County.
Financing Method
California PACE™ utilizes bond financing to provide property owners fixed-rate, property value based, no credit check, no-money-down financing. The financed amount is repaid over time through annual property tax assessments with the charge appearing as a line item on the property tax bill.
Visit http://figtreecompany.com to learn more or to apply for financing.
Eligible Projects
Products covered under California PACE™ financing include solar panels, high-efficiency windows and doors, HVAC systems, furnaces and boilers, lighting, insulated roofs and walls, water and pool pumps, water efficient irrigation systems, fuel cells and small wind turbines.
Eligible Properties
Industrial and commercial properties and residential properties greater than 4 units are eligible at this time. Residential properties of 4 units or less with no mortgage liens or with loans not governed by the Federal Housing Finance Agencies (i.e. “Fannie Mae” and “Freddie Mac”) may also be eligible.
Incentive to Use Local Vendors and Contractors
The Board of Supervisors has approved waiving all or a portion of the County building permit fees if the work is performed by a local contractor or the equipment is furnished by a local vendor. The percentage of the fee waived will be equal to the percentage of the total cost of the project that is obtained through local vendors and contractors.
Approved Contactors
Only California PACE™ approved contractors may be used. However, any contractor is eligible to become a California PACE™ approved contactor on the condition they are licensed and in good standing, insured, and agree to the terms of the California PACE™ Program. Visit http://figtreecompany.com to apply to become an approved contractor.