Californians Can Make Real Energy Cuts in 2023 with $1K to $5M Loans and Leases from State-backed Program

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Jan 09, 2023, 16:39 ET

On National Cut Your Energy Costs Day, Jan. 10, State Treasurer Ma invites residents and business owners to examine ways to conserve energy & costs

SACRAMENTO, Calif., Jan. 9, 2023 /PRNewswire/ -- GoGreen Financing, an initiative in the California State Treasurer's Office, marks its sixth year offering Californians affordable financing options for energy-saving projects. Since 2016, utility-supported GoGreen Financing has helped Golden State residents finance home energy projects as small as $1,000 and as large as $50,000, and since 2019 has facilitated financing for business energy upgrades of up to $5 million. At last count nearly 3,000 energy efficiency projects, totaling $50 million, have been completed in the state. With all the benefits that flow from improved energy efficiency, including greater comfort and the possibility of lower energy bills, National Cut Your Energy Costs Day on Jan. 10 is an important day of awareness for the program.

"GoGreen Financing gives California residents and businesses the opportunity to save money while powering our state's green transformation," said State Treasurer Fiona Ma. Ma chairs the California Alternative Energy and Advanced Transportation Financing Authority, the state agency that administers the program. "On National Cut Your Energy Costs Day, I invite Californians to explore GoGreen Financing's cost-effective options to make homes, small businesses and multifamily properties more energy efficient."

GoGreen Financing gives Californians access to affordable private market financing by incentivizing lenders and finance companies to offer better rates and terms for energy efficiency projects than they otherwise could. The funding can be applied to energy upgrades for existing homes, small- and medium-sized businesses, and affordable multifamily properties. Eligible upgrades include new Energy Star appliances, highly efficient heat pump and HVAC systems, insulation, cool roofs, lighting, industrial equipment and more.

With broader eligibility requirements, flexible lease and loan terms and below-market interest rates, GoGreen Financing is designed to be more inclusive than standard financing. It aims to reach more people, giving them a path to reducing their energy use and improving their home and business environments while bringing the state closer to meeting its energy savings goals. Program participants report positive experiences.

"Once we discovered GoGreen Financing and met with a contractor it quickly became a home comfort priority," said Joe Gill, a Coachella Valley resident who financed energy efficient windows through GoGreen Home, the program's residential arm. "Our savings in the summertime on our electric bill basically pays for our monthly finance cost."

"On days like National Cut Your Energy Costs Day we are reminded about how important it is to conserve energy," said Traci Hukill, marketing specialist with the State Treasurer's Office and GoGreen Financing representative. "We hope more Californians than ever improve their energy efficiency this year. GoGreen Financing is here to help them make it happen."

To learn more about program eligibility and qualifying projects for GoGreen Home, GoGreen Business and GoGreen Multifamily, visit gogreenfinancing.com

About GoGreen Financing

GoGreen Financing is the public-facing platform of the California Hub for Energy Efficiency Financing (CHEEF). The CHEEF is administered by the California Alternative Energy and Advanced Transportation Financing Authority, a state agency housed in the State Treasurer's Office. The CHEEF and a series of energy efficiency financing pilot programs were authorized by the California Public Utilities Commission and developed in collaboration with the investor-owned utilities: Pacific Gas and Electric Company (PG&E®), Southern California Edison (SCE®), Southern California Gas Company (SoCalGas®) and San Diego Gas & Electric Company (SDG&E®). Learn more on the GoGreen Financing website.

SOURCE GoGreen Financing