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Clean Solar, Solar Panel Installation Contractors in California

PACE Programs

Clean Solar has been consistent in offering financing through numerous vehicles as soon as they become available for our clients. PACE financing is the latest city financed program in the country. By signing up for a PACE financed program, the homeowner can put solar on their home with no money down. The city or county pays for the solar system via bonds or investor raised funds. And the homeowner pays the city back through a "special tax" that appears on their property taxes bi-annually for the next 15 to 20 years. PACE bonds can be issued by municipal financing districts or finance companies and the proceeds can be typically used to retrofit both commercial and residential properties.

According to guidance received from the Federal Housing Finance Agency (FHFA) on July 6 2010, Fannie Mae and Freddie Mac-the government-sponsored entities that guarantee more than half of the residential mortgages in the United States-and the lenders and other servicers that they work with, will not originate loans or other financings on homes that take advantage of Property Assessed Clean Energy (PACE) programs being implemented nationwide, and may take additional unfavorable actions relative to underwriting new mortgages in jurisdictions with active residential PACE financing programs. A New York Times article published June 30, 2010, provides more detail on this issue.

Clean Solar believes it is going to take FHFA and PACE designers months (if not years) to resolve this dispute. When it is resolved Clean Solar will be one of the first installers to participate in these programs.

To learn more about PACE programs or to see if your city/county is participating, click here.