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San Francisco Allowing Residents to Finance Green Upgrades with Property Taxes

Tuesday, February 9, 2010

San Francisco Mayor Gavin Newsom signed legislation on February 8, 2010 that creates a citywide special tax district to finance energy efficiency, renewable energy and water conservation improvements. The loans, which will be attached to the property - not the owner, will be paid back through property taxes.

"This green financing program is going to create green jobs and fuel the next wave of energy and water efficiency and renewable energy development in San Francisco," Newsom said in a statement. "It helps home and property owners overcome the large up-front costs of major environmental improvements."

Beginning in March, San Franciscans will be able to seek financing from the Property Assessed Clean Energy (PACE) program, which will make $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.

Studies show that up-front costs are often the main barrier that keeps property owners from making green upgrades. PACE programs aim to remove that barrier.

The PACE model was launched in November 2008 in Berkeley, Calif. DeVries developed it while serving as chief of staff to Berkeley Mayor Tom Bates.

The concept is rapidly expanding, as 17 states have authorized PACE programs over the past 18 months. It was recently named one of the top 20 ideas that can change the world by Scientific American magazine and one of the top 10 breakthrough ideas for 2010 in the Harvard Business Review.

Source: http://content.usatoday.com

Posted by Danielle Darany @ 4:52 PM • 0 comments