Details | Residential Energy Efficiency Loan Assistance Program


Funder

 

California State Treasurer

Implementer

 

California Alternative Energy and Advanced Transportation Financing Authority

Description

 

The Residential Energy Efficiency Loan (REEL) Assistance Program is the first of seven CHEEF pilot programs to roll out in the state of California. The program is designed to help homeowners and renters access lower-cost financing for energy efficiency projects by reducing risk to participating lenders. REEL enrolled its first loan in July, 2016. The Program has over $20 million available in loan loss reserve funds to help participating lenders mitigate energy efficiency loan risk. This allows lenders to provide broader access to financing for residential energy efficiency projects for customers of Investor Owned Utilities (IOUs), including Pacific Gas and Electric. The program enables contractors to close more projects with deeper energy savings by providing customers with financing options. REEL does not require contractors or customers to participate in IOU efficiency rebates or incentive programs. Contractors have the option to combine financing with the IOU rebates and incentives to help customers save even more money. While loan programs will vary by lender, loans that are eligible under the REEL program will generally offer some combination of better rates, terms, or underwriting criteria that will help a borrower to obtain financing that they might not otherwise qualify to receive.

Funding guidance

 

Applications open

 

None

Applications close

 

None

Type

 

Secured Loan

Category

 

Financing

Territory

 

California

Applicant type

 

Private Resident

Project

 

Rehabilitation of Existing Whole Building  |  Rehabilitation of Part of an Existing Building

Sector

 

Residential

Sub-sector

 

Multi Family  |  Single Family

Sustainability

 

Energy Efficiency in Buildings  |  Energy Management System

Small business

 

False

Disadvantaged communities

 

False

Cost sharing amount

 

None

Cost sharing percent

 

None

Cost sharing note

 

Minimum repayment years

 

5

Maximum repayment years

 

15

Interest rate comment

 

Incentive