The City of Carlsbad has joined a pilot program designed to help property owners install solar energy systems and make other energy efficient improvements to their homes and businesses.
Made possible through legislation passed last year, the CaliforniaFIRST program will allow residents and business owners to obtain low-interest financing for energy-related improvements and repay the loans through an assessment on their property tax bills. The program is voluntary, and the owners of residential, commercial and industrial properties in Carlsbad are eligible.
David Hauser, the city's director of property and environmental management said that Carlsbad is proud to be in on the ground floor of this program. “By working in partnership with our residents and businesses, we can help the environment at a cost that is affordable to taxpayers,” Hauser said.
The city will contribute $15,000 to the program's startup costs, which may be reimbursed through a state grant. The CaliforniaFIRST pilot program is starting with a limited group of cities and counties and will eventually be available statewide. Other local participants in the pilot program include Chula Vista, Encinitas, Oceanside, Poway, Santee and San Diego County.
The program will be funded by bonds issued through the California Communities Joint Powers Authority, and the bonds will be paid off through participating property owner assessments.
Along with solar electric and water-heating systems, energy efficient improvements such as dual-paned windows, tankless water heaters and insulation will also be eligible for funding under the program. Through the application process, property owners will obtain an assessment of their property to determine what types of improvements are needed for increased energy efficiency.
To be eligible for funding under the program, the improvements must be permanently fixed to the property. Within the first six to 12 months of the pilot project, water efficiency measures will be added as eligible improvements under the program.
Among the goals of the pilot program are to reduce carbon emissions in the state, save energy and create nearly 2,000 new construction jobs.
Under the CaliforniaFIRST program, the loan would not have to be repaid in full at the time a property is sold, but instead, repayment would continue under the new property owner via the annual property tax assessment.
The minimum financing amount is $5,000 and the maximum financing amount for business projects is 10 percent of the property value. The length of the repayment period will be set at 10, 15 or 20 years depending upon the useful life of the installed improvements.
CaliforniaFIRST administrators plan to offer an interest rate to property owners in the 7.5-percent range depending upon the bond market at time of issue and the proceeds of any funding grants obtained to reduce the interest rate.
Each participating property owner will be charged an application fee not to exceed $300. Applications are expected to be available starting in July though a link on the City of Carlsbad's Web site, www.carlsbadca.gov.
Made possible through legislation passed last year, the CaliforniaFIRST program will allow residents and business owners to obtain low-interest financing for energy-related improvements and repay the loans through an assessment on their property tax bills. The program is voluntary, and the owners of residential, commercial and industrial properties in Carlsbad are eligible.
David Hauser, the city's director of property and environmental management said that Carlsbad is proud to be in on the ground floor of this program. “By working in partnership with our residents and businesses, we can help the environment at a cost that is affordable to taxpayers,” Hauser said.
The city will contribute $15,000 to the program's startup costs, which may be reimbursed through a state grant. The CaliforniaFIRST pilot program is starting with a limited group of cities and counties and will eventually be available statewide. Other local participants in the pilot program include Chula Vista, Encinitas, Oceanside, Poway, Santee and San Diego County.
The program will be funded by bonds issued through the California Communities Joint Powers Authority, and the bonds will be paid off through participating property owner assessments.
Along with solar electric and water-heating systems, energy efficient improvements such as dual-paned windows, tankless water heaters and insulation will also be eligible for funding under the program. Through the application process, property owners will obtain an assessment of their property to determine what types of improvements are needed for increased energy efficiency.
To be eligible for funding under the program, the improvements must be permanently fixed to the property. Within the first six to 12 months of the pilot project, water efficiency measures will be added as eligible improvements under the program.
Among the goals of the pilot program are to reduce carbon emissions in the state, save energy and create nearly 2,000 new construction jobs.
Under the CaliforniaFIRST program, the loan would not have to be repaid in full at the time a property is sold, but instead, repayment would continue under the new property owner via the annual property tax assessment.
The minimum financing amount is $5,000 and the maximum financing amount for business projects is 10 percent of the property value. The length of the repayment period will be set at 10, 15 or 20 years depending upon the useful life of the installed improvements.
CaliforniaFIRST administrators plan to offer an interest rate to property owners in the 7.5-percent range depending upon the bond market at time of issue and the proceeds of any funding grants obtained to reduce the interest rate.
Each participating property owner will be charged an application fee not to exceed $300. Applications are expected to be available starting in July though a link on the City of Carlsbad's Web site, www.carlsbadca.gov.