mPOWER funded more than $2.3 million in energy efficiency and conservation measures for Placer County residents in November 2015, making it the highest funded month in the past two years. Many property owners sought to take advantage of the residential solar tax credit which requires project completion and payment before December 31 in order to be claimed for the 2015 tax year.
“We had many Placer County residents decide to use mPOWER financing to make their homes more efficient and comfortable while reducing their utility bills,” said Elizabeth Weil, mPOWER senior program specialist. “We’ve been working diligently to make sure as many projects as possible fund before the end of the year so that our property owners will receive their solar tax credits.”
mPOWER provides financing to both residential and non-residential property owners for the installation of energy efficiency, water conservation and renewable generation (typically solar) improvements. Solar systems continue to dominate the projects funded by mPOWER, with more than 1,000 systems installed since 2013. Heating and air conditioning unit replacements are also popular, followed by windows, insulation, and roofs. Many property owners combine projects to make a home as efficient as possible first, which can decrease the size of the solar system needed, saving project costs and shortening the payback period. Energy improvements can be financed for up to 20 years and are repaid by adding the annual amount due to the property tax bill. The program normally disburses payments twice a month, but with the year coming to a close, a third disbursement date was added to the December schedule to further help achieve the tax credit.
mPOWER has provided more than $38 million in financing to more than 1,200 property owners making it the most successful public energy efficiency and water conservation financing program in the Sacramento region. mPOWER Program objectives are to create jobs, increase energy independence, promote water conservation and reduce greenhouse gas emissions.
mPOWER is currently available throughout Placer County, the cities of Roseville, Auburn, Rocklin, Lincoln and Colfax, the Town of Loomis, and the City of Folsom. Visit mPOWER at www.mpowerplacer.org and www.mpowerfolsom.org or by calling toll free 877-396-7693.