Low Interest Financing for Environmental Improvements

Low Interest Financing Environmental Improvements Solar Panels San Mateo Homes

San Mateo County joins 14 other counties in approving a pilot program to allow San Mateo County home owners to get low interest funding for environmental improvement projects on their homes.

Costs of Environmental Improvements Stopped You from Improving your Home?

Many San Mateo home owners want to make environmental improvements to their home but are stopped by the upfront cost involved. Cash out refinances were once the only way to get financing to make environmental improvements on your home, which are expensive and you incur all of the costs of the improvements you make while future owners will only reap the benefits.

Enter the California FIRST Program

Under the California FIRST Program, San Mateo home owners can take advantage of the municipal bond market to fund the installation of environmental improvements. These bonds come with low interest rates and repayment is scheduled over 20 years in a special assessment paid with your property taxes. With a special assessment, if you sell your home, the assessment stays with the home and is acquired by the future homeowner.

Environmental Improvements Included in Program

The following environmental improvements qualify for low interest municipal bond financing

• Solar panels
  
• Low energy lights
  
• Water saving systems
  

Consider this Before You Use the California FIRST Program

Remember, when it comes time to sell your home, you will be in competition with all of the other homes on the market. Buyers will consider the extra special assessment and evaluate the improvements you’ve made versus the cost of the special assessment. If the potential buyer does not feel the environmental improvements are worth the extra special assessment , they will find another home. I’m not saying don’t take advantage of this program….I’m just saying consider all sides of the decision before you go forward.

Want More Information About the Program?

For more information about the California FIRST Program, you can contact Sandra Council at 650-522-7223 or via email at scouncil@cityofsanmateo.org.

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Raymond Stoklosa, Chela Stoklosa and Rebecca Williamson are Realtors with The RayChel Realty Group specializing in Santa Clara and San Mateo Real Estate.

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