On Monday February 8th San Francisco mayor Gavin Newsom signed legislation for a Property Assessed Clean Energy programto take effect in San Francisco. Under this program $150 milliondollars will be made available for lending out for many green projects.Property owners can use these funds for solar and wind energyinstallations to boost energy efficiency, and even water conservationprojects as well, and pay back this cost over 20 years.
The way PACE programs typicallywork is that the cost of any projects made are added onto the propertytax of the homeowner. This allows the homeowner to both lower theirenergy bills, and it also provides a great return on investment. Sincethe loan is taken out essentially on the building or home, theliability goes to the real estate owner for the system. If thehomeowner moves or transfers ownership, the loan for the solar systemdoes as well. Which makes sense because the system is installed on thebuilding or home, and that cost shouldn’t be tied to the homeownerdirectly.
Another great point is that this loan will greatlyaccelerate green energy projects, and is a much better type of loan totake out on renewable energy projects. Since it is such an attractiveprogram, we should see many more homeowners taking advantage of thisgreat loan to go green!
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