Moments ago, on a sunny rooftop just across town from Vote Solar’s office, Mayor Gavin Newsom signed the final piece of legislation needed to get San Francisco’s PACE program off the ground. When it launches on March 1, GreenFinanceSF will provide $150 million in bonding capacity to help property owners cover the cost of energy efficiency, water conservation and – you guessed it – solar improvements.
That makes it the country’s biggest PACE program – the municipal finance model that translates upfront costs into manageable property tax payments spread over 20 years. City leaders also emphasized the breadth of the program, which is designed to allow participation from many different income levels and makes financing available for an impressive spectrum of eco-upgrades (hello new EV charging station!). Our neighbors across the bay at Renewable Funding will be administering the program.
GreenFinanceSF will make solar and other green improvements accessible to more San Franciscans, and in doing so support new local jobs and a more sustainable future. That’s why, when the Mayor called it the single most important environmental announcement he’s made, it’s not just talk. The opportunity for carbon reduction through PACE programs is huge. The built environment is responsible for 72% of electricity use and 36% of the greenhouse gas emissions in the US. Changing that carbon-equation is a tremendous challenge, and PACE represents a practical way of making real and immediate gains happen. Remove the upfront cost barrier and deliver immediate utility bill savings, and you’ve got a recipe for clean energy adoption at an entirely new scale.
We’re working hard to enable programs like this across the country, so we’re excited to see San Francisco come out of the gate so strong. 17 states have authorized PACE programs over the past 18 months. That is serious progress on the path to making solar mainstream. Let’s keep that momentum high, because there’s still plenty of work to be done . . .
Making it official: Mayor Newsom signs the last piece of legislation needed to green-light the city's PACE program. City Assessor and solar champion Phil Ting watches in the foreground.