GoGreen Home Reaches $100 Million Milestone in Loans for a More Sustainable California

Californians make notable investments in energy-cutting improvements from $200 to $50,000

SACRAMENTO, Calif., March 14, 2024 /PRNewswire/ -- GoGreen Financing, managed by the California Hub for Energy Efficiency Financing (CHEEF) providing competitive residential and business loans for energy efficiency upgrades, announces that its residential program, GoGreen Home, reached a $100 million milestone in Q1 2024. This notable sum symbolizes a remarkable commitment among Californians to sculpt a greener state one household at a time.

"In six short years, GoGreen Home is showing great promise as an innovative public-private partnership, and this $100 million milestone is proof that it is helping many residents, some who needed a lender that was more forgiving of credit scores," said Traci Hukill, marketing specialist with the State Treasurer's Office and GoGreen Financing representative. "To date, 6,182 participating households, renters and homeowners, financed energy-saving projects large and small at highly competitive rates, propelling GoGreen Home to this achievement. Their actions have prevented over 5,035 tons of greenhouse gas emissions from entering the atmosphere – the equivalent of taking 1,000 cars off the road for a year."

At a time when saving money is important, GoGreen Financing is providing much-needed access to capital for Californians seeking financing options with competitive rates for energy-saving improvements that lead to long term benefits. As of this month, GoGreen Home participants implemented the installation of 3,442 high-efficiency HVACs and 1,033 heat pump HVAC systems, replacement of 12,152 energy-efficient windows across 945 projects, as well as the installation of 920 cool roofs and insulation for 519 attics. In addition, old appliances were replaced with Energy Star washer and dryer units and refrigerators, 714 and 214 respectively. Click to view the GoGreen Home infographic for a visual breakdown of these projects and their environmental impact.

"The specific project that propelled GoGreen Home over the $100 million mark was for a 'cool roof' in Yuba County," said Hukill. "In this case, the residents saw the value in saving more than 1,000 kWh per year by deflecting solar radiation and reducing the need for air conditioning with a cool roof. Working with a GoGreen Home lender, they were able to install it for $23,600 at a fixed interest rate of 4.99% and a 15-year term."

GoGreen Financing collaborates with lenders to offer low interest rates, extended terms for affordable monthly payments, and broader eligibility parameters including helping borrowers with lower credit scores. These guiding principles, combined with a loss reserve whereby a lender can be made up to 90% whole in the event of a default, are also reasons for the program's success. Most participating GoGreen Home lenders offer standard loans up to $50,000 for larger purchases at interest rates that are well below market rate; over the past 12 months, GoGreen Home rates have averaged 5.07% compared with 9.4% for comparable market-rate loans. Additionally, microloans of up to $5,000 for the purchase of energy-efficient appliances are available on utility marketplaces.

While this milestone is a major achievement, GoGreen Financing aims to make more California residents and businesses aware of this program and its role in reaching the state's climate goals. It is anticipated that in 2024 the program will broaden its offerings with sustainable alternatives including solar power plus battery storage solutions, and electric vehicle charging stations. GoGreen Home stands committed to exceeding the successful $100 million milestone and will continue championing an energy-efficient California for all. Learn more on the GoGreen Financing website.

About GoGreen Financing
GoGreen Financing is the public-facing platform of the California Hub for Energy Efficiency Financing (CHEEF). The CHEEF is administered by the California Alternative Energy and Advanced Transportation Financing Authority, a state agency housed in the State Treasurer's Office. The CHEEF and a series of energy efficiency financing pilot programs were authorized by the California Public Utilities Commission and developed in collaboration with the investor-owned utilities: Pacific Gas and Electric Company (PG&E®), Southern California Edison (SCE®), Southern California Gas Company (SoCalGas®) and San Diego Gas & Electric Company (SDG&E®).

SOURCE GoGreen Financing