$150 Million for Green Projects
As of march 1, Property owners in San Francisco can now finance renewable energy, water conservation and other green projects thanks to a $150 million made available by the city to paid back by owners through a special assessment on their property taxes
Property owners will be able to apply for funds beginning this month through the city’s new PACE Program. San Francisco’s newly launched program is the largest in the state.
The problem for owners has always been the large up front costs of green improvements to their properties The PACE program fixes that by attaching improvements loans to property taxes on the building amortized over 20 years. This assessment sticks with the property, not the owner until paid in full.
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