PWP Plans Low-Interest Loans For Home Solar, Battery Projects

PASADENA, CA — Pasadena Water and Power is looking for a local bank or credit union to partner with on a new program aimed at making residential solar panels and battery storage more affordable.

PWP has issued a request for proposals for its Low-Interest Solar and Energy Storage Loan Program, which would use utility funding to reduce interest rates for participating customers.

Under the proposed program, the selected financial institution would offer loans with interest rates ranging from 0% to 3% APR. Qualified borrowers could receive loans of up to $65,000 with repayment terms of 10 to 15 years.

The program will be available to residential PWP electric customers, with a particular focus on customers enrolled in the utility's low-income bill assistance programs.

Banks and credit unions seeking the contract must have a physical branch in Los Angeles County, experience with consumer lending and a track record of financing home energy projects.

The selected institution will also be required to provide a secure reporting system allowing PWP to monitor loan applications and project progress.

Additional information about the proposal, including deadlines and submission requirements, is available through the Pasadena OpenGov Procurement Portal.