On Sept. 15, the Simi Valley City Council voted 5-0 to approve the city’s participation in the Figtree Property Assessed Clean Energy (PACE) financing program, which allows property owners to receive loans to pay for energy-efficiency upgrades and water conservation efforts. The financing may be used to buy renewable energy products such as air conditioners, Energy Star windows and doors, electric vehicle charging stations and solar electricity.
The council adopted an agreement with the California Enterprise Development Authority, a joint powers authority that seeks to bridge gaps in economic development financing, to allow commercial, industrial and multifamily (apartment) property owners to finance energy and water conservation improvements. The loans are repaid in terms ranging from five to 20 years as part of the owner’s property tax bill with a fixed low-interest rate, according to a Figtree Financing’s website. Read more.