Low Interest Financing for Energy Upgrades Available Now for California Businesses

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May 02, 2023, 15:06 ET

State-backed program provides up to $10,000 per project to reduce interest rates and encourage investment in energy efficiency

SACRAMENTO, Calif., May 2, 2023 /PRNewswire/ -- GoGreen Financing, a utility-supported program administered by the California State Treasurer's Office, facilitates attractive financing for energy efficiency upgrades to small and medium-sized businesses across the state. Starting this month for a limited time, interest rates on qualifying loans, leases and finance agreements may be as low as 0% for customers of the program's business arm, GoGreen Business Energy Financing, as part of its special Go Low Rates promotion.

Through Go Low Rates, the program will provide participating finance companies up to $10,000 per project to reduce interest rates for GoGreen Business borrowers. Known as an interest rate buy-down, Go Low Rates is designed to spur investment in energy efficiency improvements that can help businesses and nonprofits save energy and money. Energy savings through increased efficiency in homes and businesses is one of the pillars of California's ambitious climate goals.

"California is home to more than 4 million small businesses, contributing over 7 million jobs to the state's economy," said State Treasurer Fiona Ma. Ma chairs the California Alternative Energy and Advanced Transportation Financing Authority, the state agency that administers GoGreen Financing. "Programs like GoGreen Financing are crucial in helping local businesses across the state enhance their business operations and possibly even help them save on energy costs while supporting the state's green energy movement."

This special offer is timely. Some businesses may benefit from reducing overhead costs as they mitigate hardships due to recent weather conditions. As California summers get hotter, businesses in warmer regions may look to accommodate customers with more effective and efficient HVAC systems. Other businesses may simply be looking to replace outdated equipment or manage energy costs. Whatever the reason, GoGreen Business provides businesses with a lifeline to access energy efficiency upgrades with potential long-term savings at competitive rates and terms.

While buydown amounts can be up to $10,000, the exact amount will vary depending on the financed amount, project size and finance provider. However, borrowers can work with lenders to explore various financing options that lower the overall interest paid, reduce monthly payments through longer payback terms, or result in a combination of both.

"We know this one-of-a-kind promotion can make an even bigger difference for businesses that are in need of upgrades but are deterred by the upfront costs," said GoGreen Financing Specialist Traci Hukill. "GoGreen Financing allows businesses to complete those upgrades without having to pay all at once. And now with interest rates as low as 0%, California's small and medium-sized businesses have a real opportunity to make those upgrades and know they are operating as efficiently as possible."

To learn more about promotion eligibility and qualifying projects for GoGreen Business, 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