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 movement around the U.S. encourages people to skip the shopping malls Friday and spend time in nature. Some national parks and state parks in California are waiving entry fees.
The 19th annual Lodi Sandhill Crane Festival this weekend is expected to bring thousands of visitors to see the stately birds.
The Pacific Storm system brought some slight improvement to drought conditions in California and Nevada last week.
The U.S. Environmental Protection Agency is providing more than $30 million to California and Nevada native tribes for water quality and environmental restoration projects.
A program will begin soon in the Eldorado National Forest to remove live or dead vegetation to prevent the spread of wildfires.