Update on PACE Solar Program

Stellar Solar is proud to be breaking new ground on the City of San Diego’s new solar finance program, which goes by the name “Clean Generation” program.

Two of our solar customers are the first to apply and be approved for this new type of solar finance plan, known nationally as PACE (“Property Assessed Clean Energy”), which allows homeowners to pay back the solar loan as part of their property tax payment.

If the solar home is sold before the loan is paid off, the loan simply goes with the property and is taken over by the new owners who continue to make payments along with their property tax.

The “Clean Generation” program was planned to start up mid-June, but has been delayed due to technical questions raised by Fannie Mae and Freddie Mac, the government-sponsored mortgage-finance corporations.

Since property tax payment normally have seniority over other debts (such as mortgage loans), Fannie and Freddie are seeking clarification on how the new program will affect their outstanding home loans. The agencies have promised to come up with a clarifying statement shortly.