Notes from the CEO
CHF Residential Energy Retrofit Program Launched
Today, together with Congresswoman Doris Matsui (D-Sacramento) as well as senior representatives from the California Rural Home Mortgage Finance Authority Homebuyers Fund (CHF), Pacific Gas and Electric Company (PG&E) and the California Energy Commission (CEC), was the announcement of the creation of the CHF Residential Energy Retrofit Program. This is the newest iteration of the program, which Five Star Bank will make $20 million in private financing available. It is designed to assist homeowners making energy efficiency improvements to their home, reduce energy costs and the impact on the environment, and create jobs.
CHF’s Residential Energy Retrofit Program was originally funded by a grant from the CEC as part of the American Recovery and Reinvestment Act (ARRA). The Program, which began in 2010, originally received $16.5 million of State Energy Program funds via ARRA, and because of its success, was allocated an additional $12 million in funding from the CEC. With this $29 million in funding, over 1,050 homeowners throughout California received assistance with home energy upgrades from the program, including over 350 projects in Sacramento County.
Given the success of the ARRA-funded stage of the Program, CHF and the CEC pursued a sustainable avenue to continue assisting homeowners in making energy efficiency improvements on their homes to reduce energy costs. Five Star Bank has signed on to the program and are making $20 million in loan financing available to eligible homeowners for home improvements. Also joining the venture is PG&E, with an initial commitment of $1 million to begin implementing the next stage of the Program, which makes energy efficiency financing available to PG&E customers in 44 California counties including: Alameda, Alpine, Amador, Butte, Calaveras, Colusa, Contra Costa, El Dorado, Fresno, Glenn, Humboldt, Kern, Kings, Lake, Madera, Marin, Mariposa, Mendocino, Merced, Monterey, Napa, Nevada, Placer, Plumas, Sacramento, San Benito, San Joaquin, San Mateo, San Francisco, San Luis Obispo, Santa Barbara, Santa Clara, Santa Cruz, Shasta, Sierra, Solano, Sonoma, Stanislaus, Sutter, Tehama, Tulare, Tuolumne, Yolo and Yuba.
This is how a public-private partnership should work. It really is a win for all involved.
James E. Beckwith
President & CEO Five Star Bank