Pasadena Water and Power
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Pasadena Water and Power seeks lenders for 0% to 3% solar and battery loans up to $65,000
Pasadena Water and Power is tendering for banking partners to offer residential customers loans of up to $65,000 at 0% to 3% APR for solar panels and battery storage, with repayment terms of 10 to 15 years. The California utility will buy down interest rates to enable cheaper financing and plans to prioritise customers already enrolled in bill assistance programmes for lower income residents. The scheme aims to expand access to solar and storage for households facing high upfront costs.
Why it matters
The procurement creates a potential pipeline of residential solar and storage installations in Pasadena, with financing structured to reach lower income households that typically face barriers to adoption. Lenders and installers targeting utility backed programmes will want to track this tender as a model for subsidised clean energy financing in California.