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Energy efficiency upgrades financed through GoGreen Home Energy Financing, a program in the State Treasurer’s Office, have averted the greenhouse gas (GHG) emissions equivalent of 3.4 million car miles, according to a new report released this month.
Administered by the California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA), GoGreen Home has helped California households make steady gains in energy savings in its first five years, according to CAEATFA’s inaugural Deemed Energy Savings Report. Kilowatt savings from electric efficiency measures financed through the program rose an average of 32% each year between 2018 and 2021, while energy saved through gas efficiency measures rose 19% annually on average.
Energy savings, and their corresponding impact on GHGs, have seen robust growth during the two years since GoGreen Home launched as a full-fledged program following its pilot phase, with GHG reductions growing 56% and 44% respectively in 2020 and 2021.
The report comes amid renewed focus on climate change following this month’s warning by the International Panel on Climate Change (IPCC) that urgent worldwide action is required to ensure a sustainable future. The IPCC specifically called for greater energy efficiency and building decarbonization – replacing high-emissions systems and appliances with low-emissions versions. Decarbonization is one of the State of California’s main strategies for achieving its 2030 climate goals.
“Ahead of Earth Day, this positive news shows that California continues to improve our environment while growing our economy,” said State Treasurer Fiona Ma. “We’re creating programs that can be measured and emulated while we leverage the power of financial institutions to help drive progress.”
GoGreen Home incentivizes private lenders to offer exceptional rates and terms for home energy efficiency improvements. The program is positioned to unlock even greater energy and emissions savings through its newly granted ability to incentivize financing for building decarbonization projects. In February CAEATFA entered a partnership with the state-run Technology and Equipment for Clean Heating (TECH) initiative that will allow millions more Californians to access GoGreen Home’s below-market-rate financing for decarbonization upgrades such as heat pump HVACs and heat pump water heaters. Because decarbonization projects are three times more effective at reducing GHGs than other projects, GoGreen Home appears poised to become an even more effective champion against climate change.
“I’m proud of CAEATFA for continuing to push the energy efficiency envelope,” said CAEATFA Executive Director Derek Chernow. “We are expanding and streamlining the program to make energy efficiency more accessible, affordable and cost-effective while making measurable progress against climate change.”
GoGreen Financing helps California renters, homeowners and businesses access exceptional rates and terms to finance energy efficiency improvements. Visit GoGreenFinancing.com for more information.
