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CaliforniaFIRST
Annie Henderson| April 16, 2010
CaliforniaFIRST: Pilot PartnersLocal Agencie
s • 14 Counties
• 130 Cities
• CCSEPro
gra
m • CSCDA
• Royal Bank of Canada
• Jones Hall and Orrick
• Renewable Funding
SEP P
ilot • Sacramento
County
• Ecology Action
• Renewable Funding
CaliforniaFIRST Pilot
– Alameda
– Fresno
– Kern
– Monterey
– Sacramento
– San Benito
– San Diego
– San Luis Obispo
– San Mateo
– Santa Clara
– Santa Cruz
– Solano
– Ventura
– Yolo
CaliforniaFIRST in SD County
Unincorporated County
Carlsbad
Chula Vista
Coronado
Del Mar
Encinitas
Escondido
La Mesa
Lemon Grove
Oceanside
Poway
Santee
Solana Beach
* City of San Diego will have a stand-alone PACE program
CaliforniaFIRST: Overview
• Creates financing
district
• Provides complete
admin
• Provides upfront capital
through bond sales
• Identifies work &
chooses contractor
• Applies for financing
$$ Upfront
$$ Repaid
on tax bill
City /County
“opts-in”
• Repays financing on
property tax bill
• Repayment obligation
transfers with ownership
Key Benefits for Cities & Counties
Helps meet
energy and
climate goals
Promotes
local jobs
Tax neutral and
no exposure to
General Fund
124jobs created with
$10 million
investment
Potential Program Reach
Contractor Qualifications
Standard
– Appropriate State license
– Participation in State rebate programs
– Agreement to Code of Ethics
– Compliance with CEC HERSII requirement (as available and
applicable)
Under Development
– Energy Efficiency certification requirement will be dependent on
State standards currently under development by HERCC, WHPP,
Home Star, etc.
Integration of Programs
CaliforniaFIRST
Whole House Performance
Program
Home Star
Residential Retrofit Program
Main Points
Loading Order
– 10% EE improvement required prior to financing for on-site
renewable generation (does not include SWH)
– Emerging EE rebate program may increase requirement to 20%
– Multiple pathways to meet loading order
Residential properties
– Specific underwriting criteria
Commercial properties
– Process under development
Financing available to RE and EE projects
– Water efficiency to follow
Participation Pathways
Homeowner
Basic Package
PVOther EE Measures
Performance Audit
BPI,
HERSII,
Equivalent
Based on
Rebate
Requirements
Property Qualification
• All property owners must sign and agree to terms
• Mortgage lender must at minimum be notified
Property Ownership
• Current on property taxes for the last 3 years
• Cannot have any involuntary liens > $500
• Cannot have any mortgage defaults or foreclosure filings within the last 5 years
Property-Based Debt
• Project to Value ratio is 10:1
• Private loan to value ratio must be at least 80%
Underwriting Ratios
CaliforniaFIRST.org
Annie Henderson| [email protected] | (510) 451-7911
www.CaliforniaFIRST.org