Pasadena Water and Power Seeks Financial Institution Partners for Low-Interest Solar and Battery Loan Program

PASADENA, Calif.- Pasadena Water and Power (PWP) released a Request for Proposals (RFP) to find local banks and credit unions to partner on PWP's new Low-Interest Solar and Energy Storage Loan Program.

The program goal is to help homeowners install solar panels and backup battery storage systems. Through the program, PWP will buy down interest rates for residential electric customers. This funding will allow the chosen financial partner to offer loan interest rates between 0% and 3% APR.

When the winning bidder is selected, the loan program will be open to all residential electric customers, particularly those enrolled in PWP's low-income bill assistance programs. Qualified borrowers can get loans up to $65,000 with payback terms between 10 and 15 years.

To qualify for the contract, banks or credit unions must have a physical branch location in Los Angeles County. They also need a proven track record in consumer lending and experience handling home energy project loans. The winning bidder will be required to set up a secure reporting method so PWP staff can track applications and project statuses in real time.

For more information, including a full project description and scope of work, important deadlines, and to submit questions and proposals, visit Pasadena OpenGov Procurement Portal (Project ID 2026-RFP-0399).