Leo StallworthThousands of Los Angeles County homeowners thought they were getting free energy-efficient upgrades - but instead ended up with loans they can't afford.Thousands of Los Angeles County homeowners thought they were getting free energy-efficient upgrades - but instead ended up with loans they can't afford.Zenia Ocana is one of thousands of L.A.
Ocana claimed she was duped into getting a PACE loan to install solar panels on her home after a contractor claimed the installation would be free - but that wasn't the case. "PACE loans were intended to help homeowners finance clean energy upgrades like solar panels and dual pane windows. However, not least due to the inadequate safeguards in the Los Angeles County PACE program, thousands of homeowners who could not afford to pay back these loans received them," attorney Stephanie Carol said.The loan program was scrapped years ago after realizing it could not provide enough safeguards to protect low-income homeowners like Ocana from predatory lenders.
According to Public Counsel, homeowners who received a lien on their property between March 1, 2015 and March 31, 2018 qualify for a portion of the settlement. The compensation amount will vary based on several factors, including homeowner's age and financial circumstances.