CaliforniaFIRST, a property assessed clean energy (PACE) financing program for residential and commercial properties, has rolled out new features and financial terms to help property owners make energy-efficiency, renewable energy and water conservation upgrades.
CaliforniaFIRST provides project financing that is then paid back as a line item on their tax assessments. The program allows homeowners to choose a participating contractor and install an array of custom-tailored clean energy and water-efficiency projects.
The CaliforniaFIRST team has announced lower interest rates: The 10-year rate dropped from 7.9% to 7.59%, the 15-year rate dropped from 8.5% to 7.99%, the 20-year rate dropped from 8.75% to 8.29% and the new 25-year term is offered at 8.39%.
Another enhancement offered by the program will now speed up the repayment plan to just two days for contractors who complete the projects.
‘We are working hard to make it possible for anyone interested to be able to reduce the environmental impact of their property and to reap the rewards of an energy-efficient home,’ says Cisco DeVries, CEO of CaliforniaFIRST. ‘The new programs are proof of our commitment to be the most consumer-friendly finance program available.’