Our Financing Options

Frequently Asked Questions

What is CaliforniaFIRST?
CaliforniaFIRST is Property Assessed Clean Energy (PACE), a financing program approved by State legislation and made available in your community by local governments to enable homeowners to enter into a voluntary contractual assessment, known as a PACE assessment, to finance energy, resiliency, and safety
related home improvements that are permanently fixed to real property.

How is CaliforniaFIRST different than traditionalfinancing?
CaliforniaFIRST uses private capital to fund every project. The financing is secured by the property and collected through a voluntary assessment on the property tax bill. No minimum credit score is required to qualify.

Plus, the program offers:

• Competitive fixed interest rates
• Payment terms of 5, 10, 15, 20, 25, or 30 years

depending on the expected useful life of the product(s).

What are the eligibility requirements?
CaliforniaFIRST is collateral-based financing, which means that the homeowner’s credit score has no bearing on their qualification. The basic eligibility requirements include:

• Eligible property type must be located in a participating community
• Homeowner(s) must meet underwriting criteria
• CaliforniaFIRST eligible project or product
• Installation must be completed by a CaliforniaFIRST Registered Contractor

How much money can I borrow?
You can borrow as little as $2,500 and up to $250,000, to cover the cost of eligible home upgrades.

Are there any pre-payment fees?
No, there are no fees for paying all or a portion of the financing early. You can pay off the outstanding balance at any time or in increments of $2,500.

Does CaliforniaFIRST have consumer protections?
Yes, the consumer protections with CaliforniaFIRST financing go above and beyond what other traditional financing alternatives commonly offer. To learn more visit www.renewfinancial.com/consumer-protections.

Is CaliforniaFIRST financing a government subsidy?
No, CaliforniaFIRST financing is not a government subsidy. CaliforniaFIRST financing is private financing that must be repaid in full.

How does repayment work?
The amount financed through CaliforniaFIRST will appear as a new line item on the property tax bill. Since the financing is secured by the property, a lien will be placed against it until the amount financed is paid back in full – this is no different than how other secured financing methods would work and is what enables the rates to be low while also enabling you to obtain longer repayment terms and larger financing amounts.

While PACE payments are billed once per year, the way the county collects the property taxes will determine when and how you will pay each annual CaliforniaFIRST payment.

If an impound/escrow account is used to pay property taxes, you should contact your lender to discuss increasing your monthly impound/escrow payments to account for your annual CaliforniaFIRST payment. Your lender may do this automatically, so it is important to contact them to understand what your new monthly
payment will be, or to discuss your options.

Is CaliforniaFIRST better suited for people with low income and/or a low credit score?
CaliforniaFIRST is a great and competitive alternative to traditional methods of financing that is not contingent on an individual’s credit score or solely contingent on their income which makes it an attractive and popular choice for long-term financing to a wider range of consumers. CaliforniaFIRST financing enables homeowners who do not fit in the box of traditional financing underwriting standards to get 100% financing to complete their much
needed or wanted eligible home upgrades.