Solana Beach property owners who wish to purchase energy-efficient products for their homes will soon be able to fund some of them with loans assessed on their property.
Due to the City Council's unanimous adoption of the California First Property Assessed Clean Energy, or PACE, program, purchases between $5,000 and $75,000 can now be paid for through a 20-year lien on property tax bills. The loans can be applied to additions such as solar panels, insulation and water efficiency products. The interest rate is predicted to be between 6 percent and 8 percent, depending on market conditions.
Before approving participation, the council was told that it would not cost any general funds or put more financial strain on the cash-strapped city.
"That's why we're interested in this program and why we can move forward," City Manager David Ott said.
The PACE program is scheduled to begin this summer, with more than 100 cities in 14 California counties opting in.
Del Mar's City Council also heard a presentation at its March 8 meeting, and is still considering whether to participate. The council directed staff to report back on the city's potential administrative responsibilities with any bonds that are issued.
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