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.
Using this new approach to calculate the snow’s water content also means improved forecasts for farms and cities, and even positive benefits for renewable-energy production. The program soon could go statewide — if it gets funded.
(AP) — Monday's snow survey found a "much rosier" picture than before last week's heavy winter storm, but still less than half the usual snow for this point in the season.
A judge ordered the California Department of Food and Agriculture to stop spraying dozens of pesticides. Some environmental groups count this as a win but a UC Riverside researcher warns the move will hurt efforts to fight a damaging citrus disease.
About 9 in 10 of the produce tested for pesticides at California grocery stores, farmer's markets and other outlets had little or no residue, according to the state Department of Pesticide Regulation's 2016 survey.
Gov. Brown attended the first UN Climate Conference held since President Donald Trump said he will withdraw from the Paris Climate Accord.