Clean Energy Upgrade Financing Program - Assembly Bill (AB) X1 14
On August 2, 2011, Governor Jerry Brown signed Assembly Bill 14 (Skinner) 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 from the funds originally appropriated to the Property Assessed Clean Energy (PACE) Bond Reserve Program (Senate Bill 77).
Under this loan loss reserve program, CAEATFA will provide 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. By participating in the Program, participating financial institutions will receive an initial 15 percent reserve contribution for each qualified loan enrolled in the Program. 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 increasing 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’s Staff.
The full text of ABX1 14 can be found on the California Legislative Counsel’s website.
Additional Information for the ABX1 14 Program
- List of Participating Financial Institutions (Updated 4/15/13)
- Fact Sheet
- Contractor Reference Guide (Posted 2/7/13)
- Frequently Asked Questions (Updated 9/27/12)
- Program Documents for Financial Institutions
- Regulations and Current Regulatory Actions (Updated 1/4/13)
If you have any questions about the ABX1 14 Program, please contact: