FOR IMMEDIATE RELEASE
June 11, 2025
Media Contacts:
Robin Tung, Building Decarbonization Coalition
robin@buildingdecarb.org
Michaela Pippin, Silicon Valley Clean Energy
michaela.pippin@svcleanenergy.org
Unlocking affordable electrification: the Zero Interest Financing Program from Silicon Valley Clean Energy
The Zero Interest Financing Program expands access to modern home electrification upgrades, modeling an equitable statewide financing solution for California’s clean energy transition.
SUNNYVALE, CA – Silicon Valley Clean Energy (SVCE) announced the official launch of its innovative new financing pilot program, designed to make clean energy home upgrades more accessible and affordable for residents across 13 Santa Clara County communities. The Zero Interest Financing Program removes significant upfront cost barriers for homeowners who want to install energy-efficient heat pump systems and water heaters by offering no-interest loans for up to 100% of the cost of new equipment. The groundwork developed by this program can provide crucial information to the California Public Utilities Commission (CPUC) as it considers a Proposed Decision in offering a similar financing program statewide.
“This is a pivotal moment for clean energy adoption in Silicon Valley,” said Monica Padilla, Chief Executive Officer at SVCE. “We recognize that the upfront cost of transitioning to electric appliances can be a hurdle for many households. The Zero Interest Financing Program directly addresses this, making it easier and more affordable for our community to embrace a cleaner, healthier, and more sustainable future.”
Beyond financial accessibility, the pilot program incorporates robust customer protections, including bill monitoring and ongoing support for new equipment to ensure that the energy savings realized through the new, highly efficient heat pumps offset the loan payments. By reducing reliance on fossil fuels, these home upgrades contribute to cleaner indoor and outdoor air quality, enhance home comfort, and build greater resilience against climate change impacts like extreme heat.
“Silicon Valley Clean Energy’s new financing program will empower California’s low- and moderate-income households to transition to clean energy and heat pumps,” said Beckie Menten, California Director at the Building Decarbonization Coalition. “This is exactly the kind of innovative program we need for the clean energy transition––it prioritizes and protects communities that need these home upgrades the most but can least afford to do so, while ensuring that their homes are healthy, safe, and climate resilient.
This new financing pilot is expected to serve approximately 200 homes initially and target customers with a high-bill savings potential. The successful implementation of this pilot program in Silicon Valley can demonstrate a viable and equitable financing mechanism that addresses the unique financial challenges faced by low- and moderate-income customers.
This program can pave the way for a broader, inclusive utility investment (IUI) model, a framework that was jointly submitted by SVCE and major utilities in the state to the CPUC as part of its Clean Energy Financing Proceeding. Such a statewide program could significantly accelerate the adoption of home electrification upgrades and heat pump technology across California, ensuring that the benefits of a clean energy future are accessible to all residents, regardless of their income level or credit history, and helping the state achieve its ambitious climate goals.
The Building Decarbonization Coalition and partner organizations submitted a letter to the CPUC in May of this year urging Commissioners to move forward with the proposed pilots. The CPUC may issue a Proposed Decision as soon as September of this year.
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Silicon Valley Clean Energy is a not-for-profit, community-owned agency providing clean electricity from renewable and clean sources to more than 280,000 residential and commercial customers in 13 Santa Clara County jurisdictions. As a public agency, net revenues are returned to the community to keep rates competitive and promote clean energy programs. Silicon Valley Clean Energy is advancing innovative solutions to fight climate change by decarbonizing the grid, transportation, and buildings. Learn more at svcleanenergy.org.
The Building Decarbonization Coalition (BDC) aligns critical stakeholders on a path to transform the nation’s buildings through clean energy, using policy, research, market development, and public engagement. The BDC and its members are charting the course to eliminate fossil fuels in buildings to improve people’s health, cut climate and air pollution, prioritize high road jobs, and ensure that our communities are more resilient to the impacts of climate change. Learn more at www.buildingdecarb.org.