CaliforniaFIRST

Annie Henderson| April 16, 2010

CaliforniaFIRST: Pilot PartnersLocal Agencie

s • 14 Counties

• 130 Cities

• CCSEPro

gra

m • CSCDA

• Royal Bank of Canada

• Jones Hall and Orrick

• Renewable Funding

SEP P

ilot • Sacramento

County

• Ecology Action

• Renewable Funding

CaliforniaFIRST Pilot

– Alameda

– Fresno

– Kern

– Monterey

– Sacramento

– San Benito

– San Diego

– San Luis Obispo

– San Mateo

– Santa Clara

– Santa Cruz

– Solano

– Ventura

– Yolo

CaliforniaFIRST in SD County

Unincorporated County

Carlsbad

Chula Vista

Coronado

Del Mar

Encinitas

Escondido

La Mesa

Lemon Grove

Oceanside

Poway

Santee

Solana Beach

* City of San Diego will have a stand-alone PACE program

CaliforniaFIRST: Overview

• Creates financing

district

• Provides complete

admin

• Provides upfront capital

through bond sales

• Identifies work &

chooses contractor

• Applies for financing

$$ Upfront

$$ Repaid

on tax bill

City /County

“opts-in”

• Repays financing on

property tax bill

• Repayment obligation

transfers with ownership

Key Benefits for Cities & Counties

Helps meet

energy and

climate goals

Promotes

local jobs

Tax neutral and

no exposure to

General Fund

124jobs created with

$10 million

investment

Potential Program Reach

Contractor Qualifications

Standard

– Appropriate State license

– Participation in State rebate programs

– Agreement to Code of Ethics

– Compliance with CEC HERSII requirement (as available and

applicable)

Under Development

– Energy Efficiency certification requirement will be dependent on

State standards currently under development by HERCC, WHPP,

Home Star, etc.

Integration of Programs

CaliforniaFIRST

Whole House Performance

Program

Home Star

Residential Retrofit Program

Main Points

Loading Order

– 10% EE improvement required prior to financing for on-site

renewable generation (does not include SWH)

– Emerging EE rebate program may increase requirement to 20%

– Multiple pathways to meet loading order

Residential properties

– Specific underwriting criteria

Commercial properties

– Process under development

Financing available to RE and EE projects

– Water efficiency to follow

Participation Pathways

Homeowner

Basic Package

PVOther EE Measures

Performance Audit

BPI,

HERSII,

Equivalent

Based on

Rebate

Requirements

Property Qualification

• All property owners must sign and agree to terms

• Mortgage lender must at minimum be notified

Property Ownership

• Current on property taxes for the last 3 years

• Cannot have any involuntary liens > $500

• Cannot have any mortgage defaults or foreclosure filings within the last 5 years

Property-Based Debt

• Project to Value ratio is 10:1

• Private loan to value ratio must be at least 80%

Underwriting Ratios

CaliforniaFIRST.org

Annie Henderson| annie@renewfund.com | (510) 451-7911

www.CaliforniaFIRST.org