SolarStorage_Loan_RFP_Pricing_Table_Revised.xlsx

This is a pricing table for a Low-Interest Solar and Energy Storage Loan Program being implemented by the City of Pasadena through Pasadena Water and Power (PWP) in partnership with qualified local banks and credit unions. The program targets low-income PWP residential electric customers enrolled in Electric Utility Assistance Programs, with an optional component for regular, non-low-income customers. The program aims to fund loans for 175 customers over an initial three-year period, with each loan subsidized to offer target interest rates ranging from 0% to 3% APR. The pricing table includes two baseline scenarios: a 7kW solar plus storage system valued at $36,000 for standard customers with $150,000 annual income (Table 1A) and the same system for income-qualified customers with $65,000 annual income (Table 1B), with loan buydown amounts to be completed by proposers across five credit tiers (Exceptional, Excellent, Good, Fair, and Sub-580 or Alternative Metrics) and three repayment terms (10 and 15 years at 0%, 1.5%, and 3% APR).

The pricing structure requires proposers to calculate loan buydown subsidies for multiple scenarios, with PWP providing an annual administration fee and program marketing budget to be funded separately from loan buydown funds through the Public Benefit Fund. Table 4 presents a standardized evaluation scenario totaling 75 participants (51 standard customers and 24 income-qualified customers) across all credit tiers and repayment term combinations, with total annual costs including buydown subsidies, administrative expenses, and marketing budget to be calculated by proposers. PWP has tentatively allocated $3,000,000 in Public Benefit Fund resources for loan buydowns over the three-year program period, with all costs paid separately from the loan buydown funds designated for program administration and marketing activities.