Tuesday, the county Board of Supervisors committed to making home efficiency upgrades more affordable for local residents. The board signed on to a statewide program that would allow county homeowners to finance such work through their property taxes.
Under the program, state funds would finance the purchase of permanent energy improvements ranging from solar panels to new heating and cooling systems to more efficient windows and insulation. Homeowners would pay the state back over a 20- to 30-year period as part of their property taxes, which stay with the house even if it sells.
The interest rate charged by the state is expected to be between 7.5 and 9.5 percent, depending on what the market yields when the financing commences, likely in June. The rates are expected to be competitive with local credit unions.
The state program, known as CaliforniaFIRST, would provide the financing for county homeowners as well as pay for local administrative costs, said county planner Erik Schapiro.
CaliforniaFIRST hinges on a final decision by the California Energy Commission to put federal stimulus funds to work for the financing. The program is intended to have no direct cost or risk to participating cities and counties. Program costs will be included in the financing package. For more information: http://www.renewfund.com/node/63
For More Information
Please contact me if you'd like more information about our community or real estate market:
Walter Stauss, Lifestyles Real Estate
500 Seabright Avenue, Santa Cruz, California 95062
Cell: 831.246.4663, Email: walter@831.com, Web: http://www.831.com DRE #01105052
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