Peninsula Clean Energy Offers New Zero-Percent Loans, Rebates For Electric Home Upgrades
Interest-free loans and expanded rebates target electric appliances
REDWOOD CITY, CA – Oct. 17, 2022 – Peninsula Clean Energy is providing homeowners in San Mateo County and the City of Los Banos interest-free financing and new rebates to install electric appliances and make other energy-efficiency upgrades.
The agency’s new Zero Percent Loan program will provide interest-free financing for up to $10,000 per home for projects that include installation of electric heat pump equipment, including water heaters and HVAC (heating, ventilation and air conditioning) units. Gas-powered equipment will not be eligible for the financing.
The loans will range from two to 10 years and be repaid on monthly electric bills. They do not require a credit check but do require the customer to have a zero past-due balance on their previous three PG&E billing statements.
Peninsula Clean Energy is also offering all of its customers in San Mateo County and the City of Los Banos a new rebate of up to $3,500 for installing an electric heat pump HVAC unit and is increasing an existing rebate to $3,000 for installing a heat pump water heater. Additional rebates of up to $1,000 are available from BayREN for San Mateo County residents, with certain restrictions, and may be layered on top of the Peninsula Clean Energy rebates.
|Peninsula Clean Energy Rebate||BayREN Rebate||Total|
|Heat pump water heater||$3,000||$1,000||$4,000|
|Heat pump HVAC system||$3,500||$0-1,000||$3,500-4,500|
|Electrical panel upgrade||$1,500||$0||$1,500|
|Additional rebate for CARE/FERA customers||$1,000||$0||$1,000|
An additional $1,500 rebate is available for Peninsula Clean Energy customers in both San Mateo County and the City of Los Banos to upgrade their electrical panel, if that is needed.
Income-qualified residents under the California Alternate Rates for Energy (CARE) and Family Electric Rate Assistance (FERA) programs in all of Peninsula Clean Energy’s service territory can receive an additional $1,000 rebate for installing an electric heat pump HVAC or water heater.
Nearly 60 percent of the methane gas, an unhealthy and potentially hazardous pollutant, used by homes is for heating water. Space heating is the second-largest residential use for methane gas. Heat pump HVAC designs can provide heat for less than one third the energy of a gas furnace and also keep you cool in the summer.
“These rebates and zero-percent loans allow more customers to switch from combusting methane gas to more-efficient electric appliances, powered by the 100 percent clean electricity delivered by Peninsula Clean Energy,” Peninsula Clean Energy CEO Jan Pepper said.
“Making the switch from methane helps all our communities and region address some of the fastest growing sources of heat-trapping pollutants responsible for our changing climate,” San Mateo County Supervisor and Peninsula Clean Energy Co-Founder Dave Pine said.
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. The agency has earned investment grade credit ratings from Moody’s and Fitch. Follow us at PenCleanEnergy.com, Twitter, Facebook and LinkedIn.
Peninsula Clean Energy