Butte County is taking the lead in a program that provides an alternative funding source for businesses or agricultural interests that want to invest in green energy or water-efficiency projects.
The totally voluntary program allows a borrower to get the funding without going through all of the underwriting procedures a standard loan would require.
Documents provided to the supervisors said the payback for the financing will be attached to the tax bills.
The program called PACE, which stands for “property assessed clean energy,” focuses on getting renewable energy sources in place, such as solar panels or wind turbines. According to Jennifer Macarthy, Butte County’s economic and community development manager, that would encourage business growth, provide jobs in the green power industry, and also reduce greenhouse gases.
Residential projects are not part of the program. Only manufacturing, commercial and industrial businesses as well as agricultural operations are eligible for PACE funding. Read more.