Under San Francisco’s commercial Property Assessed Clean Energy program (PACE or “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.
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 GreenFinanceSF.
The PACE structure builds on decades of land secured financing experience.
- For project investors, it offers familiarity and security, enabling financing at lower rates and longer payment periods than traditional commercial loans.
- For property owners, it 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.
PACE financing for Prologis at Pier 1 - Project case study on energy efficiency and solar photovoltaic upgrades at Pier 1