Clean Energy Upgrade Financing Program - Assembly Bill (AB) X1 14
On August 2, 2011, Assembly Bill 14 of the First Extraordinary Session (Skinner) (“ABX1 14”) was signed into law. ABX1 14 authorizes the California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) to administer a Clean Energy Upgrade Financing Program (the “Program”) using up to $25 million to facilitate the financing of energy retrofits on California properties.
Under this loan loss reserve program, CAEATFA provides financial assistance in the form of a loan loss reserve to financial institutions making loans to finance the installation of energy efficiency improvements or distributed generation renewable energy sources on residential properties. Through participation in the Program, financial institutions receive an initial 15 percent reserve contribution for each qualified loan enrolled. CAEATFA may provide up to 100 percent coverage on qualified loan defaults. The goal of the Program is to increase access to green retrofit financing by reducing its cost, and to increase the number of green jobs in the state.
For more information about eligible use of loan proceeds and to determine the types of financial institutions eligible to apply to participate in the Program, review the Fact Sheet and other resources listed below, or contact CAEATFA staff.
The full text of ABX1 14 can be found on the California Legislative Counsel’s website.
Note: The Clean Energy Upgrade Financing Program will expire on January 1, 2015. Accordingly, CAEATFA has instructed all participating financial institutions to submit any final loans for review and approval by December 8, 2014.
Additional Information for the ABX1 14 Program
- List of Participating Financial Institutions
- Fact Sheet
- Quick Reference Chart – Project Requirements (8/21/13)
- Contractor Reference Guide
- Frequently Asked Questions
- Program Documents for Financial Institutions
- Regulations and Current Regulatory Actions
If you have any questions about the ABX1 14 Program, please contact: