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San Francisco Mayor has signed the final legislation required to establish San Francisco’s Property Assessed Clean Energy (PACE) program. The PACE program makes $150 million in bonding capacity available to private property owners to finance water conservation, energy efficiency and renewable energy improvements through a voluntary special property tax. Oakland-based Renewable Funding will administer the program and provide capital to fund the projects.
San Francisco property owners will be able to apply for financing beginning March 2010. Each additional special property tax will be paid in full within 20 years. San Francisco-based Stone & Youngberg and Backstrom McCarley Berry & Co. are serving as bond underwriters.
“San Francisco is once again leading the way by establishing the largest PACE program in the nation to date,” said Cisco DeVries, president of Renewable Funding. “In signing this legislation, Mayor Gavin Newsom has put the final piece in place to allow tens of thousands of San Francisco property owners to have the opportunity to reduce their water and energy footprint, all while creating local green jobs.”
The PACE model was developed in Berkeley, California, by DeVries, who was then serving as chief of staff to Berkeley Mayor Tom Bates. The concept is expanding across the country; 17 states have authorized PACE programs over the past 18 months.
Renewable Funding is a US-based provider of PACE financing services.
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