Emergency_FEMA_TC.pdf

This is an Emergency FEMA Technical Assistance document related to the City of Pasadena's Low-Interest Solar and Energy Storage Loan Program, involving Pasadena Water and Power (PWP) and qualified local banks and credit unions. The program seeks to provide solar and energy storage financing to low-income PWP residential electric customers enrolled in the utility's Electric Utility Assistance Programs, including EUAP, CARES, and CARES Plus. The initiative targets loan funding for approximately 175 customers over an initial three-year implementation period, with proposing entities encouraged to also develop parallel lending options for PWP's regular, non-low-income customers.

PWP has allocated $3,000,000 for loan buydowns over the three-year program period, enabling the successful partner financial institution to offer target interest rates between 0% and 3% APR through Public Benefit Fund subsidies. The financing structure requires the proposing entity to originate and service the loans while PWP provides interest rate buydowns to achieve the target pricing. This program represents a public-private partnership leveraging federal FEMA technical assistance to expand renewable energy access among low-income utility customers in California.