Rafael Reyes on Monday, 15 February 2010 18:25

Financing ramps up: SF then state-wide

Moving on what is going to be a wave of innovative financing in California and likely nationally to enable solar power, energy efficiency and other green steps for property owners, San Francisco implements a major financing program similar to Berkeley's BerkeleyFIRST.

Mayor Gavin Newsom signed legislation Monday 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.

Soon many property owners throughout the state will have access to similar financing as the CaliforniaFIRST program facilitated by Renewable Funding ramps up and launches its pilot program in the Summer. Numerous counties have already signed on to this pilot including Alameda, San Mateo, Santa Clara and Monterey.

Rafael @www.ClimateAtBay.net