Energy Efficiency Upgrade Funding Options for Property Owners
The Southern California Regional Energy Network (SoCalREN) Multifamily Finance Program offers property owners making upgrades through the SoCalREN Multifamily Program help in supplementing program incentive dollars with project funding using an innovative approach called an Energy Service Agreement (ESA).
Enjoy the Benefits
- Enjoy a quick and easy application process.
- Facilitate positive cashflow projects.
- Reduce operating costs, property maintenance, and tenant turnover.
Tools to Get Started
Your Participating Contractor will help you explore your project funding options. All approved Multifamily Program project assessments receive a proposal and invitation to apply for funding.
- Access Program Resources
- Get more information in the Program Manual.
- Review participation guidelines.
- Learn how to apply for project funding to supplement program incentives.
- Submit Documentation
- Work with your Participating Contractor to submit required documentation and complete the quick and easy online application.
- Receive Project Funding
- Your project will be funded through an ESA. Learn more about how ESA funding works below.
SoCalREN’s Energy Efficiency Funding Partner: Renew Energy Partners
Renew Energy Partners helps building owners reduce their carbon footprint and save money by helping owners and managers make their buildings cleaner, more energy efficient, and more resilient. For more information, visit Renew Energy Partners.
Energy Service Agreement (ESA)?
Upgrades are funded by future savings. Renew Energy Partners provides the up-front capital to purchase, install, and maintain the new systems under an ESA. Each month, for the duration of the ESA, a portion of the savings are paid to Renew Energy Partners and a portion goes to the building owner. After the term of the agreement, 100% of the savings goes to the building owner and the new systems become their property at fair market value.
Why Should You Choose an ESA?
- Zero money down
- No debt and no property lien
- Payments start after construction is complete and are treated as operational expenses
- Payments are based on measured and energy savings
Consult your accounting or tax professional before making any financing decision.
Financial institutions must use the National Energy Improvement Fund (NEIF) Commercial Energy Finance Portal to track finance applications, communications, and documentation. The NEIF Portal will be used by the financial institution to review Program finance applications, review and accept signed closing documents, issue finance approvals, review and approve contractor invoices and supporting documentation, notify the contractor of fund disbursements, and track Program Credit Enhancement transfers.