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 This program mirrors the PACE program and will make $150 million in bonds available. In essence, the loans will be tied to the property, not the owner.  The loans will be paid back through an addition to the current owner's property taxes, ensuring that the cost of the retrofit as well as the benefits are spread evenly. This will allow the owner to take the initiative and increase their properties efficiency while not allowing them to reap the economic benefits of lower electricity and water bills due to the high up-front costs incurred.

 

Mayor Newsom says he's confident PACE will succeed, given the outcome of prior programs:

 

“As we have seen with the success of GoSolarSF, our solar energy incentive program, San Franciscans will seize the opportunity to make their homes and buildings greener if we create the right incentives and make targeted investments”

Beginning in March, San Franciscans will be able to seek financing from the PACE program and tap into $150 million in bonds available, according to Renewable Funding; a private group that will put up the capital and administer the program at no cost to the city.

To check for updates on the progress of PACE and GreenFinance SF visit EIA's News Blog and subscribe to our e-newsletter.

 

Click here to learn more and get answers to frequently asked questions about GreenFinance SF.