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.
Wild pigs cause serious damage to grazing lands and watersheds. UC Cooperative Extension scientists have developed a GIS-based tracking app to assess wild pig damage in order to figure out how to mitigate the creatures' impacts.
Sales of plug-in electric vehicles in California are projected to pass the 250,000 mark later this month. One reason the cars haven’t sold faster is a lack of sufficient charging stations. But that’s starting to change.
A yellow-legged frog that was once the most abundant amphibian in the Sierra Nevada is now the most rare. But a new study finds the frog population in Yosemite National Park shows signs of slow recovery after decades of severe decline.
About 2,000 people are expected to help remove trash along Sacramento's American River Parkway this Saturday. The Great American River Cleanup is part of Coastal Cleanup Day, the state's largest annual volunteer event held in mid-September.
The U.S. Environmental Protection Agency today added an historic Amador County gold mine to the list of the nation's worst toxic sites. Argonaut Mine is located west of downtown Jackson. It operated from the 1850s to the early 1940s.