How is the REEL program able to offer rates lower than what I can find elsewhere?

Submitted by Jack Ulrich on Wed, 02/27/2019 - 14:08

The REEL program provides lenders with a credit enhancement, or a type of insurance, that helps control loan risk. If a borrower defaults, the lender may access the credit enhancement funds to mitigate losses. Because they have access to the credit enhancement, REEL lenders can offer more attractive terms to borrowers and/or make financing available to borrowers with a wide range of credit scores.

What if my electric service is provided by a different energy company, such as a co-op, or public utility like SMUD or LADWP)?

Submitted by Jack Ulrich on Wed, 02/27/2019 - 14:08

Your project can still receive financing under the REEL program if your project meets program guidelines and you receive natural gas service from one of the following investor-owned utilities: Pacific Gas and Electric Company, San Diego Gas & Electric Company or Southern California Gas Company.

What types of properties qualify under the REEL program?

Submitted by Jack Ulrich on Wed, 02/27/2019 - 14:01

Eligible properties are single-family residences of 1 to 4 units. This includes single family homes, condos, townhouses, duplexes, triplexes, fourplexes, manufactured and mobile homes. Manufactured and mobile homes are eligible if the home is anchored to a permanent, site-built foundation constructed of durable materials, like concrete, mortared masonry, or wood). Note that some lenders will finance up to four units, while others finance only a single residential unit.

Can I hire any contractor to complete my project?

Submitted by Jack Ulrich on Wed, 02/27/2019 - 13:58

Contractors must be REEL participating contractors; however, it’s easy for licensed contractors to become REEL participating contractors. REEL participating contractors take a 1-hour, online training and submit a simple application to get approved. If you have a contractor you would like to work with, but they are not currently a REEL participating contractor, ask them to visit the contractor resources page to enroll.

How do I find a licensed contractor participating in the REEL program?

Submitted by Jack Ulrich on Wed, 02/27/2019 - 13:57

Check our list of licensed contractors. You are always encouraged to do your own research and due diligence when selecting a contractor. You can look up information on a contractor through the Contractors State License Board (CSLB)+. Websites that review contractors include Better Business Bureau (BBB)+, Yelp+ and Angie’s List+.

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