Low-Interest Solar and Energy Storage Loan Program

The City of Pasadena, through Pasadena Water and Power, is inviting qualified local banks and credit unions to submit proposals for a Low-Interest Solar and Energy Storage Loan Program designed to assist low-income residential electric customers enrolled in utility assistance programs such as EUAP, CARES, or CARES Plus. The program will utilize a $3 million Public Benefit Fund allocation over three years to subsidize loans, enabling participating financial institutions to offer interest rates between 0% and 3% APR. The primary objective is to fund solar and energy storage systems for 175 eligible customers during the initial three-year term, with the goal of increasing energy affordability and access to clean power for underserved communities. Proposers must demonstrate the capacity to originate, service, and manage these loans while aligning with PWP’s mission of equitable energy access. In addition to serving low-income customers, proposers are encouraged to include optional components that extend similar loan offerings to PWP’s non-low-income residential customers, broadening the program’s impact. The solicitation, numbered 2026-RFP-0399, was posted on July 23, 2026, with responses due by August 21, 2026. The program is administered by the Water & Power Department in Pasadena, California, and inquiries may be directed to Gordon Algermissen, Customer Program Manager, or Antonio Watson, Project Manager. Participation is open to locally based financial institutions capable of meeting program requirements and delivering customer-centric support, including education and application assistance, to ensure successful uptake and long-term customer benefit.