Make Energy-Saving Upgrades and Enjoy Below-Market Financing
Financing Opportunities for Property Owners and Contractors
Please note: this program is scheduled to launch in mid 2020. Please contact us if you would like to be notified when the Multifamily Program financing option opens for applications.
The SoCalREN Multifamily Program offers convenient financing options for energy efficiency improvements. With SoCalREN’s credit enhancement contribution and private market capital, property owners and contractors within the joint service territory of Southern California Edison (SCE) and SoCalGas® can enjoy below-market financing.
When you participate, you can:
- Make informed decisions about financing your energy-saving improvements
- Finance projects at below-market interest rates
- Access more capital to Install additional energy efficiency measures
- Enjoy even more benefits!
With two financing options available, SoCalREN helps property owners and contractors fund energy efficiency improvements that increase property value, attract new tenants, and help reduce ongoing operating costs at the property.
Capital Lease Agreement
With a Capital Lease Agreement, the financial institution typically retains ownership of the financed equipment throughout the lease term and transfers ownership rights to the borrower at the end of the term. Capital lease structures are a very common for equipment purchases and the application process is generally very simple. This type of financing typically works best for equipment replacement projects.
Energy Service Agreement
With an Energy Service Agreement (ESA), a service provider or contractor agrees to pay for all project development and construction costs while the property owner makes payments based on actual realized savings. ESAs work best for larger projects ($250,000 and above) where borrowers are interested in an off-balance sheet financing solution with no upfront costs.
Participation Is Easy
The SoCalREN Multifamily Program offers convenient ways to access below-market rate financing for your energy efficiency improvement projects.
- Receive free, customized assistance from program staff
- Review financing proposals tailored to your specific project scope
- Gain access to multiple financial institutions to easily shop for the best financing terms
- Apply for financing via email and through the Program’s Financing Portal**
*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.