Western Riverside Council of Governments [WRCOG] has just made available millions of dollars to finance commercial solar projects within the region. Ambassador Energy is using the fund, with its low interest rates and long terms, to assist commercial energy users in going solar.
“WRCOG rolled out HERO, the residential version of this, a year ago,” said Kelly Smith, president of Ambassador Energy in Murrieta. “HERO has been an enormously successful solar finance tool for homeowners who want the benefits of solar, but do not have the upfront cash to invest in their systems. As we have talked with business-owners about solar, we find that they have similar thoughts and have been waiting for the commercial version of PACE. Now that HERO Commercial is finally available here in Riverside County, we will see a lot more businesses going green.”
WRCOG states the benefits of HERO Commercial as:
- No barrier to upfront funding for projects
- Improvement in Net Operating Income (NOI)
- Increased property value
- Hedge against increasing utility costs
- Up to 20 years financing
- Acquire environmentally efficient building certifications
“For areas outside of Riverside County, such as San Diego County and other counties throughout California, we are able to offer similar commercial and agricultural solutions through another PACE program, called California First,” Smith continued. “The good news is that PACE programs are becoming more widespread, offering home- and business-owners flexible and accessible solar finance opportunities, so that they can go green, improve their properties’ values, immunize themselves from utility rate hikes, and save a ton of money over the long life of their solar systems.”
In general, the property owners need only to have 10% equity in their properties and to be current on their mortgage and property taxes. If they meet those qualifications, they may apply to use the fund’s money to buy solar, put the cost on their property tax roll, and pay for it over a term as long as 20 years. Smith continued, “A typical scenario will reflect the combined cost for the new lower utility bill and higher property tax bill will be lower than that of their previous utility bill alone, thus creating an immediate cash-positive situation for the customer with no money out of pocket.”
Ambassador Energy’s executive team has been building a Commercial Solar Division in anticipation of these new solar financing programs and other attractive leases. “We cut our teeth on commercial and agricultural solar systems years ago,” said Ambassador Energy CEO, [Steve Fulgham. “We even expanded our solar training division, Ambassador Energy College, to prep other solar companies for the increase in business. Solar is so good for the environment, for local business, for giving business owners the opportunity to save on their electrical costs. We are really happy to be a cog in this wheel of this progress.”
About Ambassador Energy
Ambassador Energy [AE] has a three-pronged business model, including Ambassador Energy College Solar Training, the Ambassador Energy Agency Program and Ambassador Energy, an EPC contractor. On staff are NABCEP Certified PV Installers, NABCEP Certified PV Technical Sales professionals [Fulgham/Kelso] and multiple NABCEP EL graduates. AE Agencies are nationwide. Ambassador Energy EPC installs PV systems throughout California.