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PACE financing for Prologis at Pier 1
GreenFinanceSF financing enabled Pier 1 to install 200 kW of solar electric, undergo retrocommissioning, and upgrade lighting to cut energy costs by 32%, saving approximately $98,000 per year.
- Buildings contribute over 50% of greenhouse gas emissions from San Francisco.
- The biggest barrier to commercial energy efficiency upgrades is financing
- GreenFinanceSF allows property owners to save energy and money, address deferred maintenance, increase property value, attract or retain tenants, hedge against utility cost increases, and equitably share the costs and benefits of energy efficiency upgrades.
GreenFinanceSF uses the “open market” PACE model, which allows property owners to obtain financing for a defined project with a qualified capital provider of their choice.
Pier 1 Project
- Owner: Prologis Inc.
- Contractor: Johnson Controls Inc. (JCI)
- PACE Capital Provider: Clean Fund
- PACE bond amount: $1,400,000
- PACE financing charges will be allocated pro rata to 5 subtenants based on building square footage
Prologis sought to develop a “whole building” solution that benefits all tenants.
- Optimize Siemens EMS to initiate and shut down as needed
- Optimize chilled water setpoints
- Install VFD drives on pumps; shut down pumps when not needed
- Optimize HW and CHW supply/return temperatures
- Repair air-side economizers
- Upgrade 1,500 fixtures, ballasts and bulbs (interior only)
- Install photocells and occupancy sensors
- Install LED lighting in selected areas (ex: truss-mounted flood lights)
- Reduce maintenance by installing longer-life equipment
- Projected to reduce energy demand by more than 50 kW
- Install 200kW rooftop solar photovoltaic array
Pier 1 Projected Performance
- 390,486 kWh annual savings
- Projected annual PV production @ 200kW: 245,520 kWh
- 17,580 therms annual savings
- Annual estimated energy cost savings: ~$98,000
- Reduce purchased energy by 32%
- Using local subcontractors
- Created nearly 30 jobs and $3.7 million in economic development (U.S. Department of Commerce formula)
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.
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