Program Summary
Program Summary: The Western Riverside Council of Governments (WRCOG) is developing an Energy Efficiency and Water Conservation Program (Program) that would allow for residents and businesses in Western Riverside County to implement energy efficient improvements using low-interest loans that would be repaid over time through annual property tax payments. California law allows for local jurisdictions to enter into contractual assessments with property owners for such improvements; WRCOG is proposing to implement a regional program on behalf of its member jurisdictions in order to centralize responsibilities and realize cost savings. WRCOG is seeking a partnership with the Federal Government to secure a $300 million loan that would be paid back over a period of time at an established interest rate. WRCOG will utilize this federal loan to implement and administer the Program, providing secured, low interest loans to residential and commercial properties in the subregion for the purchase and installation of energy efficient projects. The Program goal is to offer low-interest loans to 13,500 residential and commercial properties in Western Riverside County to install energy efficient projects, such as solar panels, heating and air conditioning systems, lighting control systems, windows, and pool equipment. These loans would be paid back through voluntary contractual annual assessments between WRCOG and property owners within a specified amount of time.
Program Benefits for Property Owners:
- Provides no-money-down means of financing energy efficiency and conservation improvements;
- Provides fixed-rate financing over a set number of years;
- Provides financing without requiring a property appraisal;
- Provides an easy-to-understand and straightforward financing process;
- Provides residents and businesses access to financing that may not readily be available through traditional means, such as home equity loans; and
- Removes the up-front initial costs from becoming a detriment to energy efficient retrofitting.
Program Benefits for Western Riverside County:
- Creates an estimated 3,261 jobs;
- Provides a mechanism to retrofit thousands of properties to achieve considerable future energy savings;
- Results in air quality improvements and greenhouse gas emission reductions;
- Reduces/delays the need for costly infrastructure investments related to energy production and transmission; and
- A regional approach for Program development and implementation reduces administrative costs for individual jurisdictions.
