The State has created a $10 million reserve fund to reimburse mortgage lenders. The fund would repay the lenders if people who finance clean energy projects through property tax payments default on their loans.
Evan Westrup with Governor Jerry Brown's office says the Federal Housing Finance Agency prohibited mortgage lenders Freddie Mac and Fannie Mae from accepting additional liens for homeowners who wished to finance PACE projects.
"The main concern of the Federal Government was around the financial liability and potential cost if these properties fell into foreclosure," says Westrup.
Jonathan Gemma is with Aztec Solar in Sacramento. He says solar companies have lost business because mortgage lenders wouldn't agree to additional liens to repay clean energy projects.
"Now if there is this reserve fund in place was able to ease concerns of that mortgage lender that there is some backing to this," he says, "they would allow the PACE financing to go and this opens up the opportunity to more people to be able to finance energy efficient equipment."
Besides solar panels, eligible equipment under the PACE program includes low-flow toilets, insulation, and energy-efficient light fixtures.
The mortgage loss reserve program will be run by the California Alternative Energy and Advanced Transportation Financing Authority.
A U.S. agency says western U.S. snowpack dropped at "record speed" during April as average temperatures in the contiguous U.S. were 4.0°F above average from January through April 2016.
The fight against illegal tire dumping in California will get a little more muscle. CalRecycle, the state's recycling agency, announced today that it's awarding $5.7 million to 36 local jurisdictions for managing used tires and waste.
A new invasive species of tumbleweed is rapidly spreading across California. And yes, tumbling is one of the reasons.
A bill introduced in the California Assembly would ban certain rat and mouse poisons that harm people and wildlife.
(AP) - The state of Nevada is dropping 15 years of opposition to the Environmental Protection Agency's push to add a toxic, World War II-era copper mine to the priority list of the most polluted Superfund sites in the nation.