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GreenFinanceSF: Commercial PACE program
Under San Francisco’s commercial PACE program, “GreenFinanceSF,” property owners can secure 100% financing from an investor of their choice, and repay the cost of the upgrade over time through a special line item on their property tax bill.
The PACE structure, which builds on decades of land secured financing experience, offers familiarity and security to project investors, enabling financing at lower rates and longer payment periods than traditional commercial loans. For property owners, PACE offers accessible financing to make important building improvements that can lower operating costs, guard against energy price escalation, enhance building value, and increase visibility and competitiveness.
San Francisco is using federal grant funds to cover administrative costs for participants for a limited time. Additional grant funds are being used for a debt service reserve fund that can cover delinquent payments to investors; this additional security may result in more favorable financing terms and rates, and broaden access to capital.
To find out more about the program and how it works, or to see application forms, property eligibility criteria, an eligible measures list, and other key program documents, please visit the GreenFinanceSF website.
Check out this project case study on energy efficiency and solar photovoltaic upgrades at Pier 1.
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