DEL MAR–Beginning this summer, Del Mar residents and businesses will be able to participate in a unique finance program that encourages the “greening” of local properties. Projects can include improvements, replacements and/or additions of: air sealing, heating-ventilation-air conditioning, insulation, windows, solar electric panels, and solar water heaters.
CaliforniaFIRST, Property Assessed Clean Energy (PACE) Program, is scheduled to initially roll out as a pilot in a limited number of counties and cities with applications for projects being accepted this summer. Over the next few months, additional information will be made available to local contractors as well as home and business owners. Del Mar joins the cities of Solana Beach, Encinitas, Carlsbad and Oceanside within North County providing this option for their residents.
The program, CaliforniaFIRST, allows property owners to implement energy efficient and renewable energy projects at their homes and businesses with costs assessed to the property tax. As a result, projects can be implemented without a significant initial outlay of funds or an improvement loan because the cost of the project is repaid on the property tax bill over a period as long as 20 years. And, because the energy efficiency upgrades and systems add value to the property, the loan repayment cost remains with the property. Financing eligibility is based on the value of your property and the current status of tax payments, not on personal credit.
For more information, visit http://www.renewfund.com/node/220.