AB 811 provides all California cities and counties with the ability to offer low-cost loans to property owners for Energy Efficiency (EE) projects and solar panels, similar to loans from commercial banks. The intent of the legislation is to not only reduce the cost of energy to the individual consumer, but also reduce the overall consumption of electricity, to reduce the amount of Greenhouse Gas Emissions, as mandated by AB 32 and SB 375.
Basically, if adopted by a city, AB 811:
- provides low interest rate loan (so far at 7% amortized over 20 years) from the City attached to your property that resides within that city’s limits and to be paid every six months through / along with your County property tax payment;
- is earmarked ONLY for and covers MOST energy efficiencies and renewable energies available to the public;
- Requires NO credit check and can pass to new owners of property without future credit checks through title transfer at escrow.