Low-Interest Solar and Energy Storage Loan Program

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 PWP residential electric customers enrolled in one of PWP's Electric Utility Assistance Programs (e.g., EUAP, CARES, CARES Plus). The Public Benefit Fund will subsidize, or "buydown," each loan to allow the successful Proposing Entity to offer a target interest rate within the range of 0% to 3% APR. Public Benefit Fund Allocation: PWP has tentatively allocated $3,000,000 for loan buydowns…