GoGreen Multifamily provides easy access to private financing for energy efficiency upgrades, helping property owners manage energy costs while providing improved comfort and greater energy efficiency for tenants.
GoGreen Multifamily offers a variety of financing options, including leases, equipment financing agreements and energy service agreements. It also leverages and complements existing rebates and incentives from other sources and integrates with state-administered multifamily energy incentive programs (see “Designed to work with Program Partners”).
Administered by the State of California with support from investor-owned utilities (IOUs), GoGreen Multifamily facilitates financing of up to $10 million for energy retrofits for qualifying properties.
2022 Promotion: Interest Rates As Low As 0%
GoGreen Multifamily is sponsoring an interest rate buy-down (IRBD) promotion starting March 1 and running through June 30 or as long as funds last. This limited-time promotion can be used to bring the interest rate on energy efficiency upgrades down to as low as 0% for eligible affordable multifamily properties in California.
A total of $50,000 in promotional funds are available for reservation on a first-come, first-served basis while funds last. To qualify for an IRBD reservation, the project must be preapproved by the participating finance company and the GoGreen Multifamily program by June 30, 2022. Projects must be completed and loans/leases must be enrolled in GoGreen Multifamily within 120 days of the reservation for participating finance companies to receive the funds. Extensions will be considered on a case-by-case basis.
To get started, contact Kelly Delaney at Kelly.Delaney@treasurer.ca.gov.
GoGreen Multifamily serves existing multifamily affordable properties of five or more units where at least 50% of the units are income-restricted. Properties must have a minimum of five years remaining on the affordability covenant at the time of qualification and must receive a gas or electricity bill from at least one of the following utilities: Pacific Gas and Electric Company (PG&E®), San Diego Gas & Electric Company (SDG&E®), Southern California Edison (SCE®) or Southern California Gas Company (SoCalGas®). GoGreen Multifamily may not be used for new construction.
Benefits for property owners
- Access to financing that can be used to update aging, inefficient properties
- Financing for single-measure and small-scale projects as well as complete retrofits
- Cash flow-positive options
- Finance up to 100% of project costs
- Unsecured or equipment-secured financing (no property lien)
- Option for energy service agreements, which can complement the typical affordable multifamily debt structure
- Ability to include non-energy measures in the project
- No contractor restrictions: freedom to work with your trusted partners
Explore available financing options
Energy service agreements
- $250,000 - $10,000,000
- 100% project financing
- Terms up to 10 years
- Ability to treat as an off-balance sheet transaction
- Solar and battery storage may be financed
Download PDF of available financing options
What can be financed?
A broad range of both in-unit and common-area measures are eligible. The Energy Saving Measures (ESM) list has details on pre-qualified energy efficiency and demand response measures. Projects can also include measures that are not on the ESM list but have been approved by a GoGreen Program Partner .
Additionally, 30% of funds can go toward non-energy improvements such as play equipment, landscaping and remodeling. At the finance company’s discretion, the project may incorporate distributed generation elements, such as solar and battery storage systems.
Designed to work with Program Partners
GoGreen Multifamily complements affordable multifamily energy efficiency programs that offer rebates or incentives (“Program Partners”) by providing financing for out-of-pocket costs.
For example, the Solar on Multifamily Affordable Housing (SOMAH) Program requires an energy efficiency audit before solar installation may begin. Property owners can use GoGreen Multifamily to finance any necessary energy upgrades resulting from such an audit.
Similarly, another state program or an IOU may offer rebates on heat pump HVACs and water heaters that cover part of the cost; the remainder can be financed through GoGreen Multifamily.
Program Partners include the state-administered Low-Income Weatherization Program (LIWP) and SOMAH Program, as well as energy efficiency programs for multifamily affordable housing administered by an IOU, regional energy network (REN), or community choice aggregator (CCA). Any energy efficiency or demand response measure approved by a Program Partner may be financed through GoGreen Multifamily.