Low-Interest Solar and Energy Storage Loan Program

The City of Pasadena is seeking proposals from qualified local banks and credit unions to partner in implementing a Low-Interest Solar and Energy Storage Loan Program. The program will primarily target low-income PWP residential electric customers enrolled in one of PWP's Electric Utility Assistance Programs. The Public Benefit Fund will subsidize each loan to allow the successful Proposing Entity to offer a target interest rate within the range of 0% to 3% APR. Key aspects of the program include: * Public Benefit Fund Allocation: $3,000,000 for loan buydowns over three years * Target Participation Goal: fund loans for 175 customers over the program's initial three-year period * Optional Component: offering similar loans to PWP's regular, non-low income electric customers * The selected Proposer will be required to provide a detailed work plan, project deliverables, and pricing information.