Legislation Establishes PACE Program In San Francisco

Mayor Gavin Newsom has signedthe final legislation required to establish San Francisco’s PropertyAssessed Clean Energy (PACE) program. The program makes $150 million inbonding capacity available to private property owners to financerenewable energy improvements, water conservation and energy efficiencythrough a voluntary special property tax.

Each additionalspecial property tax will be paid in full within 20 years. SanFrancisco property owners will be able to apply for financing beginningnext month.

Oakland, Calif.-based Renewable Funding, a providerof PACE financing services, will administer the program and providecapital to fund the projects. San Francisco-based Stone & Youngbergand Backstrom McCarley Berry & Co. are serving as bond underwriters.

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