REEL Financing Program
Helping California Homeowners Make Their Homes More Efficient
The Residential Energy Efficiency Loan Assistance Program (REEL) helps make financing more available for Californians who want to improve their home’s energy efficiency. The REEL program has a credit enhancement to lower the risk of default, allowing lenders to offer lower rates, higher loan amounts, longer payback terms, and can approve more homeowners for the loans. The REEL program launched as a pilot program in July of 2016. After evaluating the two-year pilot phase, the California Public Utilities Commission approved them to transition into a full program in April of 2020.
Out of California’s 10 million single-family homes, about 65% of them were built before the statewide energy-efficiency standards took place in 1978. Energy efficiency improvements to single-family residences are viewed as a vital source of energy savings to policymakers. These types of residences account for 18% of California’s energy use. Upgrading your home will improve its interior comfort, reduce your carbon footprint, and lower your energy bills.
Who Can Benefit from REEL?
The REEL program is available to tenants and homeowners of single-family houses, condominiums, mobile homes, townhomes, and multiplexes (up to four units) where an investor-owned utility company provides energy. Through this program, tenants and homeowners can access affordable loans for energy-efficient upgrades such as new windows, appliances, insulation, cool roofs, HVAC systems, and heat pumps. Additionally, REEL financing is available for limited non-energy improvements such as remodeling or landscaping.
California Showcase Construction is an approved financing partner with the REEL program. The State of California developed this program to help residents finance their energy-efficient home improvements. If you’re unsure if REEL financing is right for you or have more questions, please call us at (951) 682-0208 or contact us on our website.
REEL Qualifications
- Your contractor must be a listed and certified REEL Participating Contractor as of the project’s start date.
- The property must receive gas or electric service from an investor-owned utility company such as San Diego Gas & Electric, Pacific Gas & Electric, Southern California Edison, or Southern California Gas Company.
- Property can have no more than four residential units.
- 70% of the loan must be for Eligible Energy Efficiency Measures (EEEMs) such as insulation, heating, cooling, air sealing, dual pane windows, cool roofs, etc.
- The remaining 30% of the loan can finance other home projects such as painting, landscaping, water efficiency, or general remodeling.
