South Pasadena Unified School District Opengov #264598

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

The City of Pasadena, through Pasadena Water and Power (PWP), is seeking local banks and credit unions to partner in launching a Low-Interest Solar and Energy Storage Loan Program. - Government Buyer: - City of Pasadena, Pasadena Water and Power (PWP) - Program Overview: - Soliciting proposals from qualified local banks and credit unions - Purpose: Provide low-interest loans (target APR 0%-3%) to all PWP residential electric customers - Includes customers in Electric Utility Assistance Programs (EUAP, CARES, CARES Plus) - Funding and Scope: - Public Benefit Fund will subsidize each loan to achieve the target interest rate - Tentative allocation: $3,000,000 for loan buydowns over three years - Goal: Fund loans for 175 customers during the initial three-year period - Requirements: - Proposers must be local banks or credit unions - Must offer subsidized loans to a broad range of residential customers, including low-income participants - No specific OEMs or product vendors are mentioned, as this is a financial services solicitation, not an equipment procurement - Notable: Focus on accessibility for low-income and assistance program participants, and partnership with local financial institutions

Description

The City of Pasadena, through Pasadena Water and Power (PWP), is seeking proposals from qualified local banks and credit unions to partner in implementing a Low-Interest Solar and Energy Storage Loan Program. This program will be available to all PWP residential electric customers, including low-income customers enrolled in PWP's Electric Utility Assistance Programs. The Public Benefit Fund will subsidize each loan to allow the successful proposer to offer a target interest rate between 0% and 3% APR. PWP has tentatively allocated $3,000,000 for loan buydowns over three years, aiming to fund loans for 175 customers during this period.

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