ENERGY FINANCE PROGRAMS
California Statewide Communities Development Authority (CSCDA) creates innovative, low-cost, pooled finance programs to respond to the fiscal needs of city and county participants. The program is designed to address short-term borrowing needs, budget shortfalls, and provide access to capital for critical infrastructure improvements. City and county participants control all private activity bond issues through required local public hearings.
CaliforniaFIRST is a multi-jurisdictional Property Assessed Clean Energy (PACE) program. PACE is an innovative financing tool that allows property owners to secure upfront funding for energy and water-saving improvements, which they repay through a voluntary special assessment on their property tax bill. The CaliforniaFIRST program currently includes 17 counties and over 140 cities representing a population of over 11 million California residents.
PACE is designed to provide financing for both residential and commercial property owners. CaliforniaFIRST currently offers PACE financing for commercial properties; the program will offer PACE financing to residential property owners beginning in the summer of 2014. Commercial properties include multifamily buildings with 5 or more units, industrial, retail, agricultural and commercial properties.
Sustainable Energy Bond Program
CSCDA and the Foundation for Renewable Energy and Environment are teaming together to provide public agencies and nonprofit organizations throughout California with access to tax exempt financing for critical sustainable energy investments. Under the Sustainable Energy Bond Program, participating entities and organizations will contract with an Energy Service Company (ESCO) to complete energy and water conservation measures. Improvements could include street lighting, building lighting, pumps, HVAC, system controls, boilers, chillers, ducting, windows, partial roofing, toilets and others. The program participants will receive substantial utility cost savings, including a contractual guarantee sufficient to cover the full cost of all retrofit work. All projects are financed through tax exempt bonds.