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Affordable Energy Financing with GoGreen Business

The State of California’s energy financing program supports sustainability the sensible way.

Guest Authored by GoGreen Financing staff

A Los Angeles pizzeria gets an energy efficient heat lamp. A Fresno brewery installs heat process recovery equipment to recapture energy that would otherwise be wasted. And a health food store in the Sierra foothills gets new kilowatt-sipping LED lighting.

All these businesses invested in energy upgrades with attractive financing from the State of California’s GoGreen Business program. Featuring lower interest rates, longer term lengths and broader eligibility than market-rate financing, GoGreen Business was designed for business owners looking to support energy sustainability without sacrificing the bottom line.

Now, financing terms are about to get even better. On July 1, the Go Low promotion returns to GoGreen Business with options for reduced interest rates – as low as 0%, depending on project size and at lender discretion. Scores of small business owners in California have upgraded with Go Low, from restaurants and laundromats to gyms and salons. Even churches and apartment complexes have used the promotion.  Eligible upgrades for Go Low, and all GoGreen Business financing projects, include solar and battery storage, heat pumps, efficient conventional HVAC systems, water heaters, windows, cool roofs, lighting and equipment. Many custom projects can qualify too.

GoGreen Business leases and loans are not from the State of California, but rather with the lenders we work with. Eligibility requirements vary slightly by lender, but most offer streamlined processes for loans under $250,000, with fast credit approval and no P&Ls required. Businesses as new as 18 months may qualify.

For business owners looking to streamline their operations, on-bill repayment (OBR) offers the convenience of repaying an energy upgrade right on the utility bill. Look for GoGreen Business lenders who offer this potentially advantageous feature and ask your tax adviser if it’s a good choice for you.

To participate in GoGreen Business, you must receive gas and/or electricity from PG&E, SoCalGas, Southern California Edison or San Diego Gas & Electric; you must also meet size requirements ($15k annual revenue or less, 100 or fewer employees, or conformity with SBA size definitions). The Go Low promotion offers reduced interest rates for qualifying eligible businesses while funds last.

Ready to GoGreen? Contact Program Manager Jonathan Verhoef at jverhoef@treasurer.ca.gov or visit www.gogreenfinancing.com to get started.