Efficiency Upgrades for San Francisco
Property Assessed Clean Energy (PACE)
Limited capital funds? No external financing available?
San Francisco's Property Assessed Clean Energy (PACE) financing is a tax assessment bond that enables building owners to raise capital for energy upgrades which can:
- Improve marketability of building to attract and retain tenants
- Increase net operating income
- Address deferred maintenance
- Lower energy costs
- Increase employee productivity
- Create local jobs
San Francisco is one of the first U.S. cities to launch a PACE program, called GreenFinanceSF, making $100 million in bonding capacity available to the city’s property owners. Proceeds from the bonds can be used on authorized energy and water efficiency projects such as HVAC and lighting system upgrades, building envelope improvements, solar panels, and water saving products and systems.
How does the program work?
Under PACE, project financing is repaid through a tax assessment on the property tax bill. A low-interest bond is used to fund improvements and will be paid for over the term of the contract. This aligns costs and savings for building occupants and provides a solution to transfer the value of the improvements to any future building occupants or owners.
How do I utilize PACE in San Francisco?