Sonoma County Continues PACE Program Despite the Fed's Objections

In March of last year we posted some information about a new program in Sonoma County that allows homeowners to borrow money for certain home improvements and pay the money back on their property tax bills. (see: Loans for Energy Efficiency Upgrades Available in Sonoma County)

The loans are available for energy-saving improvements such as solar and voltaic units, solar thermal devices, tankless water heaters, energy-efficient windows, and attic and wall insulation. Certain water-conserving upgrades - such as low-flow toilets - also qualify. The minimum loan amount is $2,500.

The program has been well-received and more than 1,000 households in the County have taken advantage of the program. These types of publicly financed loans have proved popular elsewhere as well. Other cities in California - as well as 21 other states - have similar programs.

The catch is federal regulators have taken issue with the loan programs, dubbed Property Assessed Clean Energy (PACE), saying the special financing could interfere with mortgage payment and have advised banks not to issue loans on properties with public financing. You can read more about the controversy in yesterday's SF Chronicle article, Sonoma County resists feds on home energy loans.

The good news (for now) is that Sonoma County has decided to continue with the program despite the regulators' pronouncement. To find out more, call 521-6200 or visit www.sonomacountyenergy.org

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