Frequently Asked Questions

See our answers to the most frequently asked questions below. Need more information? Email us at info@energyefficientequity.com

Q

What does E3 do?

A

E3 works with your local government to provide financing for energy and water savings home improvements.

Q

What is PACE financing?

A

Property Assessed Clean Energy (PACE) financing is a simple and effective method for financing renewable energy, energy efficiency, water efficiency, seismic improvements, and electric vehicle charging stations for commercial and residential buildings. Property owners enter into a voluntary assessment to receive 100% project financing which is repaid as part of their property taxes for up to 30 years.

Q

What types of projects or improvements can E3 finance?

A

Water and energy efficiency, renewable energy, seismic retrofit, and electric vehicle charging station projects are eligible for E3 financing. Please see our list of eligible products.

Q

What happens if I sell my property?

A

E3 financing may either be paid off before resale of the property or transfer to new property owner. Consult your real estate professional for more information.

Q

May I repay E3 financing before the term ends? Is there a prepayment penalty?

A

E3 financing may be repaid at any time without prepayment penalty. Closing fees may apply.

Q

Is it free to apply for E3 financing?

A

Yes! Apply here.

Q

How is E3 financing repaid?

A

E3 financing appears as a line item on and is paid back through the property’s tax bill.

Q

Are there any up front costs?

A

No. E3 finances 100% of project costs, with $0 down.

Q

What is the financing rate?

A

Rates are offered on a competitive basis and vary based on selected term, market conditions and products financed.

Q

Is my Property Eligible?

A

In order for your property to be eligible it must:

  • Be located in and pay property taxes to a participating jurisdiction.
  • Not be an asset in a current bankruptcy proceeding.
  • Not have any involuntary Liens with a balance greater than one thousand Dollars ($1,000.00).
Q

Am I Eligible?

A

In order to be eligible for financing you must:

  • Be the property owner of Record.
  • Be current on all mortgage debt, and have not been more than 60 days late on such payments during the 12-month period preceding funding.
  • Not have had any active bankruptcies within the last 3 years; provided, however, that this criterion can be met if a homeowners have had no payments (mortgage and non-mortgage) past due for more than 60 days in the most recent 12-month period preceding funding.
  • Not have a Mortgage secured by the subject property for less than 90 days.
  • Have at least 10% equity in your property at the time of application.
Q

Is eligibility based on my credit score?

A

No, it is based on the equity in your property.

Q

Are there tax benefits associated with this program?

A

The interest paid on E3 financing may be tax deductible. Please consult a tax professional.

Q

Can E3’s financing be combined with tax credit and rebate programs?

A

Yes. Using E3 financing does not impact other rebates or incentives in any way. All incentives for which the project qualifies will be deducted from the assessment before the project is financed.

Q

How much can I finance?

A

Any amount from $5,000 up to $200,000, subject to the following limits:

  • The Assessment cannot exceed 15% of the Fair Market Value of the Property.
  • The Assessment plus all debt secured by the property cannot exceed 97% of the Fair Market Value of the Property.
  • The Annual Assessment Payment plus this years property tax payment cannot exceed 5% of the Fair Market Value of the Property.
  • The Annual Assessment Payment cannot exceed 5% of your household Income.
  • The Annual Assessment payment plus your Annual Mortgage obligations cannot exceed 45% of your household Income.
Q

May I choose my own contractor?

A

E3 screens, registers, and trains the contractors that offer our financing. If you have a contractor that you would like to work with, please ask them to visit our contractor page for more information.

Q

How does E3 screen its contractors?

A

In order to participate in the E3 program, contractors must:

  • Have a valid license with the California State Licensing Board
  • Submit to a background check
  • Maintain an audit-able database of customer transactions
  • Have been in business for at least 2 years
  • Meet certain financial requirements
  • Provide proof of insurance
  • Sign and adhere to E3’s code of ethics
Q

I am a contractor. How can I start offering E3’s financing to my clients?

A

Please visit our contractor page to learn more about becoming a registered E3 contractor.

Q

Do I have to use a contractor to make these improvements?

A

Yes. In order to use E3 financing, all improvements must be made and/or installed by a contractor registered with E3.