The CaliforniaFIRST Program (AB 811) allows property owners to finance energy efficiency and renewable energy projects on homes and businesses. For participating property owners, the cost of the project is repaid on your property tax bill over up to 20 years. Financing eligibility is based on the value of your property and the current status of property tax payments, not personal credit.
The County of Ventura is one of 14 California counties that will be participating in the CaliforniaFIRST Pilot Program! This pilot program is schedule to launch this fall!
Under CaliforniaFIRST, the property owner repays the cost of the clean energy project through a line item on their property tax bill. The minimum financing amount is $5,000. The maximum financing amount for residential property is $75,000. The maximum financing amount for commercial property varies based on property value. The repayment period will be between 5 and 20 years. The interest rate will vary based on market conditions.
Participating in the CaliforniaFIRST program gives Ventura County an opportunity to help both the community and the environment. With rising prices in electricity, gas, and water, this program will allow property owners an opportunity to access investments in technologies that will likely protect them against rising utility costs.
Loans are entered into voluntarily and transfer to the subsequent owner (INTERESTING!) upon sale and have superior lien status above one’s primary mortgage.