South Pasadena Unified School District Opengov #2026-RFP-0399

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

The City of Pasadena Water & Power Department is seeking proposals from local banks and credit unions to implement a Low-Interest Solar and Energy Storage Loan Program. - Government Buyer: - City of Pasadena, Water & Power Department - Vendors Sought: - Local banks and credit unions (no specific OEMs or manufacturers required) - Products/Services Requested: - Administration and delivery of subsidized loans for solar and energy storage systems - Loan buydown scenarios for both income-qualified and standard residential customers - Annual administrative and marketing services to support the program - Financial modeling, program design, and implementation planning - Key Requirements: - Ability to structure and administer low-interest loans (0%–3% APR) for residential solar and energy storage projects - Serve primarily low-income customers enrolled in Pasadena Water and Power assistance programs, with an option for standard customers - Manage a $3,000,000 fund over three years to subsidize loan interest rates - Target of 175 loans issued during the initial program period - Provide detailed cost, budget, and technical approach in proposals - All responses must be submitted electronically via the city's procurement portal

Description

The City of Pasadena Water & Power Department is soliciting proposals for a Low-Interest Solar and Energy Storage Loan Program aimed at low-income residential customers. The program is subsidized by a $3,000,000 Public Benefit Fund and requires detailed financial models, program design, and implementation plans. Proposals must be submitted electronically by August 21, 2026, and should include a technical approach, experience, and detailed cost/budget information. The solicitation targets qualified local banks and credit unions to implement the program.

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