REDWOOD CITY, CA – Peninsula Clean Energy’s board of directors has approved returning $68 million to the community through a reinvestment plan that includes a $300 income-qualified bill credit, financing for residential energy battery storage, loans for local government and school electrification, and funding for energy storage at public buildings and other efforts to reduce local greenhouse gas emissions.
A one-time $300 rebate was automatically credited on electricity bills in December for roughly 41,000 customers currently receiving discounted rates through the California Alternate Rates for Energy (CARE) or Family Electric Rate Assistance (FERA) programs.
Peninsula Clean Energy will offer $31.5 million in grants and other assistance for efforts that enhance resilience and support local decarbonization, including support for member agency energy projects, initiatives to fund microgrids or advanced energy projects in the community and installing energy storage at local government facilities.
The plan also includes $10 million in residential battery loans to provide outage backup and grid support. Another $4.5 million in revolving loans will expand an existing program allowing an estimated 15 additional local government electrification projects over 10 years.
Peninsula Clean Energy will also finance $5 million each for:
- Several projects over five years to provide local schools upgraded clean, electric space and water heating systems, air conditioning and battery storage
- Supporting customers who need emergency water heater replacements by ensuring quick access to clean, affordable, methane-free water heaters
“As a result of extremely efficient financial management, I am proud that Peninsula Clean Energy is able to return $68 million to our customers and community. Our entire region will benefit from significant resources that will go toward increasing the resiliency of our electric grid and the decline in heat-trapping greenhouse gases by shifting away from methane gas and providing more affordable and reliable clean power,” said Rick DeGolia, Atherton council member and chair of Peninsula Clean Energy’s board of directors.
Peninsula Clean Energy also continues to offer all of its customers a discount of more than five percent below PG&E’s baseline electric generation rate. As PG&E rates increase in January 2024, Peninsula Clean Energy’s board of directors has pledged to hold the agency’s electric generation rates steady until at least March 2024, and potentially longer.
“One of our core principles – and that of all community-choice energy providers – is a commitment to lower energy rates and reinvestment in our communities for the benefit of our residents, businesses, the local environment and economy,” Peninsula Clean Energy CEO Shawn Marshall said.
Peninsula Clean Energy’s electric generation charge appears as a separate line item on customer PG&E bills, replacing a higher generation charge imposed by PG&E. PG&E still charges all customers, including those receiving Peninsula Clean Energy-generated power, for gas service and delivering the electricity.
In addition, Peninsula Clean Energy offers a variety of customer energy programs to lower costs, incentives to replace old gas appliances, and rebates to make the switch to electric transportation. For information about our energy programs and ways to reduce your energy costs, visit PenCleanEnergy.com/lowerbill.
About Peninsula Clean Energy
Peninsula Clean Energy is a Community Choice Aggregation agency. It is the official electricity provider for San Mateo County and for the City of Los Banos. Founded in 2016 with a mission to reduce greenhouse gas emissions, the agency serves a population of 810,000 by providing more than 3,600 gigawatt hours annually of electricity that is 50 percent renewable, 100 percent clean and at lower cost than PG&E. As a community-led, not-for-profit agency, Peninsula Clean Energy makes significant investments in its communities to expand access to sustainable and affordable energy solutions. Peninsula Clean Energy is on track to deliver electricity that is 100 percent renewable by 2025. Follow us at PenCleanEnergy.com, Twitter, Facebook and LinkedIn.