Pasadena Opengov #2026-RFP-0399

Pasadena Seeks Local Banks/Credit Unions for Low-Interest Solar & Energy Storage Loan Program Administration

The City of Pasadena's Water & Power Department (PWP) is seeking proposals from local banks and credit unions to administer a Low-Interest Solar and Energy Storage Loan Program. - Government Buyer: - City of Pasadena, Water & Power Department (PWP) - Program Overview: - Goal: Provide low-interest loans (0% to 3% APR) for solar and energy storage installations - Target Audience: Low-income residential electric customers enrolled in PWP assistance programs, with potential extension to non-low-income customers - Funding: $3,000,000 allocated from the Public Benefit Fund over three years - Expected Impact: Loans for approximately 175 customers - Requirements for Proposers: - Must be a qualified local bank or credit union - Ability to offer and administer low-interest loans - Manage program administration, including origination, servicing, and reporting - Provide detailed technical, financial, and programmatic plans - Include loan buydown scenarios by credit tier, administrative/origination fees, and marketing budgets - No specific OEMs or product vendors are named, as this is a financial services solicitation - Notable Requirements: - Flexibility to serve both income-qualified and standard customers - Transparent reporting and program management - Collaboration with PWP on marketing and outreach

Description

This solicitation is for a low-interest solar and energy storage loan program targeting low-income customers in Pasadena. The program is subsidized by a Public Benefit Fund of $3,000,000 and aims to fund 175 customers over three years. Proposers are encouraged to present options for offering similar loans to non-low income customers. The proposal requires detailed technical, financial, and programmatic information and must be submitted electronically via the Pasadena eProcurement portal by August 21, 2026.

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