The payments will be assessed on their property tax bills. If the property is sold, the new owner will be responsible for the payments.
The county has the ability to pledge more than $100 million from funds in its treasury and from the Water Agency under a new state law that permits creation of energy programs that issue loan notes.
The county will eventually sell bonds to institutional investors to help finance the program.
“It’s going to create energy improvements, jobs and help get this economy going,” said County Controller Rod Dole.
Dole said that the property owners should be able to apply for the loans soon.
Dole said that 400 property owners who were surveyed in a recent county poll showed strong interest in taking part in the program.
In the survey, more than half of homeowners found it “motivating” to participate, along with an equal number of commercial property owners.
“We’ve been getting phone calls for weeks,” said Dole. “The interest has been phenomenal.”
Dole said that property owners will also be eligible for additional rebates, as well as state or federal tax credits once they make the improvements.
“I’m excited about this program and for the opportunity to create, or help with jobs, and to install energy efficient and water efficient projects in our community,” Supervisor Paul Kelley said.
