Mayor Gavin Newsom has signed the final legislation required to establish San Francisco's Property Assessed Clean Energy (PACE) program. The program makes $150 million in bonding capacity available to private property owners to finance renewable energy improvements, water conservation and energy efficiency through a voluntary special property tax.
Each additional special property tax will be paid in full within 20 years. San Francisco property owners will be able to apply for financing beginning next month.
Oakland, Calif.-based Renewable Funding, a provider of PACE financing services, will administer the program and provide capital to fund the projects. San Francisco-based Stone & Youngberg and Backstrom McCarley Berry & Co. are serving as bond underwriters.
SOURCE: Renewable Funding