Property owners in Thousand Oaks can now participate in a state program that could make it easier to add energy-efficient and water conservation features to their homes and businesses.

The CaliforniaFIRST Clean Energy Program, unanimously approved for adoption by the City Council on Jan. 12, allows property owners to finance the installation of energy and water improvements and pay the amount back as a line item on their property tax bill.

Dual-pane windows, solar panels, heating systems, air conditioners, tankless water heaters, low-flow toilets and insulation are among the improvements that qualify for the program.

The loan made for the permanent improvements will be paid back with interest in 20 equal payments over 20 years, public works director Mark Watkins explained.

Property owners can pay off the assessment at any time, but if the owner sells the property before the assessment is paid off, the loan will stay with the property as a tax lien for the new owner, who will be required to continue to pay for it.

“The thought is the lower utility payments will offset the property tax increase,” Watkins said.

And the hope is that the fixed interest rate will be lower than property owners might otherwise get, Watkins said.

A city staff report to council members said, “Both residential and commercial . . . can have access to the municipal bond market, possibly producing a lower borrowing cost.”

The state of California’s Clean Energy Municipal Financing Law makes it possible for property owners to apply for the financing for energy-saving improvements after a local government adopts the program.

The state will form an assessment district and will handle all legal, financial and administrative responsibilities for the program.

“The CaliforniaFIRST Program will increase green jobs, increase energy efficiency and deployment of renewable energy technologies, promote economic activity and reduce greenhouse gas emissions,” a city report said.