Pasadena Water and Power announced Wednesday it is seeking local banks and credit unions to partner on a loan program designed to help homeowners finance solar panels and backup battery storage systems.
The utility issued a request for proposals for financial institutions to participate in its Low-Interest Solar and Energy Storage Loan Program.
Under the program, PWP will buy down interest rates, allowing the selected financial institution to offer residential electric customers loans with interest rates ranging from 0% to 3% annual percentage rate.
Once a financial institution is selected, the program will be open to all PWP residential electric customers, with a particular emphasis on customers enrolled in the utility’s low-income bill assistance programs, according to PWP.
Qualified borrowers will be eligible for loans of up to $65,000, with repayment terms ranging from 10 to 15 years.
Banks and credit unions seeking the contract must have a physical branch in Los Angeles County and demonstrate experience in consumer lending and financing home energy projects, officials said.
The selected financial institution also will be required to establish a secure reporting system allowing PWP staff to monitor applications and project status in real time.
The request for proposals, identified as Project No. 2026-RFP-0399, includes the full project description, scope of work, deadlines and instructions for submitting questions and proposals through the Pasadena OpenGov Procurement Portal.