mPOWER (Money for Property Owner Water & Energy Retrofits) opens for property assessed clean energy projects in Nevada County and the cities of Grass Valley, Truckee, and Nevada City on Nov. 21. Nevada County mPOWER applications will be available online starting Nov.18.
“We are pleased to announce that property owners in Nevada County can now apply to finance energy efficiency improvements and repay it through an assessment on their property tax bill,” said Jenine Windeshausen, mPOWER Administrator. “Residential, commercial, industrial, and agricultural property owners can use mPOWER financing for energy efficiency improvements that save money, conserve energy, and create local jobs.”
Energy efficiency improvements may include a new furnace and air conditioner, energy efficient windows, or even a solar photovoltaic system. Water conservation improvements can also be financed with mPOWER and include measures like on-demand hot water heaters, smart irrigation controllers, and high-efficiency toilets. mPOWER can finance up to 100 percent of the project costs with a fixed-interest rate and terms up to 20 years for many improvements.
The mPOWER program has funded more than $57 million in energy efficiency and water conservation projects for both residential and non-residential property owners in Placer County.
mPOWER is a Property Assessed Clean Energy (PACE) program, which allow local governments, state governments, or other inter-jurisdictional authorities, when authorized by state law, to fund the up-front cost of energy improvements on commercial and residential properties, which are paid back over time by the property owners. The amount financed is amortized and the annual amount due is added to the property tax bill each year until paid in full. Water and energy cost savings may be enough for property owners to pay the additional amount on the property tax bill.
Participation in PACE is completely voluntary, and there are no pre-payment penalties and no out-of-pocket fees.
Info: For applications and more info about mPOWER and PACE financing, visit mpoweradvantage.net or call (877) 396-7693. Find them on Facebook as well.
