Multifamily properties are now eligible for PG&E’s on-bill financing program. Traditionally reserved for commercial and industrial facilities, on-bill financing offers zero-interest loans for energy efficiency retrofits. PG&E provides the loan directly to customers, who may use the loan to pay for building materials, equipment, appliances, and installation costs.
To qualify for a loan, properties must have at least 24 months of continuous PG&E service and a strong energy statement payment history for the past 12 months. Multifamily properties can qualify for loans between $5,000 and $100,000, with repayment periods of up to 120 months.
Recipients may use loans to purchase new equipment including LED lighting, HVAC, appliances, heat pumps, and more. Projects may use the loans to cover labor costs.
Borrowers may repay the loan through their PG&E energy statement, with monthly payments set to match estimated monthly energy savings from the project. This means no upfront costs to borrowers or their properties for the purchase and installation of equipment. The program’s payback structure allows borrowers to pay the same utility bill amount as they did pre-retrofit until the loan’s payment is complete.
Take the first step towards securing your interest-free loan. Contact us today to learn more about how you can take advantage of on-bill financing at your property.