Low-Interest Solar and Energy Storage Loan Program

The City of Pasadena, through Pasadena Water and Power ("PWP"), is seeking proposals from qualified local banks and credit unions to partner in implementing a Low-Interest Solar and Energy Storage Loan Program. This program will primarily target low-income PWP residential electric customers enrolled in one of PWP's Electric Utility Assistance Programs (e.g., EUAP, CARES, CARES Plus). The Public Benefit Fund will subsidize, or "buydown," each loan to allow the successful Proposing Entity to offer a target interest rate within the range of 0% to 3% APR. Public Benefit Fund Allocation: PWP has tentatively allocated $3,000,000 for loan buydowns over three years. Target Participation Goal: PWP's goal is to fund loans for 175 customers over the program's initial three-year period. Optional Component: Proposing Entities are also encouraged to present options for offering similar loans to PWP's regular, non-low income electric customers.