City Council selects Powerhouse Service to administer Yucaipa’s Energy Independence program

The Yucaipa News Mirror

February 11, 2010-- The city of Yucaipa has selected PowerHouse Service Inc., a leading administrator of Property Assessed Clean Energy programs, to assist with the administration the city’s Energy Independence Program.

The Yucaipa EIP helps property owners finance certain energy efficiency products and renewable energy systems for their homes and businesses, which they then repay through their property taxes.

EIP financing is available at a fixed interest rate of approximately seven percent and a loan term of between 10-20 years. Unlike home improvement loans, the EIP financing stays with the property upon sale.

Municipal financing programs such as Yucaipa’s were approved by the California Legislature through Assembly Bill 811 in July 2008. Several successful programs have already been launched in Berkeley, Sonoma County and Palm Desert. Yucaipa’s program is the first in San Bernardino County.

“This is an exciting time in Yucaipa,” said Mayor Dick Riddell. “The EIP program makes it easy for our property owners to improve the energy efficiency of or add solar systems to their homes without affecting their credit or increasing their monthly costs. Most participants will save enough on their energy bills to pay for the energy improvements.”

“The city of Yucaipa has shown leadership in its efforts to support job growth, support conservation and improve the community,” said JP McNeill, CEO of PowerHouse. “Buildings are the largest single user of energy as well as the largest greenhouse gas producer in the U.S. We can’t expect people to turn off the heat or stop using lights and electronics when they need to. What we can expect is to turn an inefficient building into a more efficient one with needed improvements such as weatherproofing, better insulation, high efficiency Heatingm Ventilating and Air Conditioning systems, and air and duct sealing,” he continued. Property owners can also save money and promote conservation through the installation of a solar system.

With significant federal tax credits and state rebates available, it would appear to be the perfect time to purchase energy efficient products or renewable energy products. For certain energy efficient products there is a federal tax credit of up to $1,500 and additional state and local utility rebates. For solar Photovoltaic systems and other renewable energy products, the federal government provides a tax credit equal to 30 percent of the system cost. California also offers a rebate for solar PV systems through its California Solar Initiative Program.

The Yucaipa EIP program complements these existing rebates and tax credits. Property owners can take advantage of government financial incentives while financing the remainder of the cost over 10-20 years.

“This is also an opportunity for our local contractors,” said Riddell. “As we all know, the downturn in the economy has impacted many in our community This program will help both our workforce and our residents. Jobs will be created and property owners can save money.”

Currently, the Yucaipa EIP program has $2,125,000 in funding available in two phases. Funding is available on a first come, first served basis. PowerHouse will host workshops for property owners and contractors interested in the Program.

Workshops will be held on Feb. 17 and 24, at 6:30 p.m. in the banquet room of the Yucaipa Community Center, 34900 Oak Glen Rd.

For more information about the program, go to http://www.yucaipa.org/cityPrograms/EIP/eip.php.

PowerHouse’s mission is to enable the mass adoption of renewable energy, energy efficient and water efficient products by providing a financing solution that rewards, rather than inhibits, adoption. PowerHouse provides comprehensive PACE program design, administration, marketing, and support services to 18 cities and counties in the United States. PowerHouse’s team has experience in management of more than $1 billion in energy and energy efficiency.

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