Combined Heat and Power Partnership
City of San Francisco - GreenFinanceSF (PACE)
|Date Last Updated||5/15/2013|
|Incentive Type||Commercial PACE; Loan|
|Incentive Administrator/Contact Office||GreenFinanceSF|
|Incentive Initiation Date||4/12/2010|
|Incentive Size and Funding Source||GreenFinanceSF is a PACE financing program that is funded through a mix of bonds and funds granted to the city through the federal American Recovery and Reinvestment Act (ARRA). The program budget is $150 million. The minimum loan amount is $50,000 and the maximum is 10% of the assessed value of the property. Loans are repaid over a period of up to 20 years through property tax bills.|
|Eligible Recipient||Individual property owners located in the City and County of San Francisco.|
|Eligible Fuel||Does Not Specify|
|Eligible Project Size (MW)||Does Not Specify|
|Minimum Efficiency Required (%)||Does Not Specify|
|Other Selected Eligibility Criteria||Property owners must be current in the payment of all obligations secured to the property including property taxes, assessments, and tax liens within the past 3 years. If a renewable energy system is financed, the property owner must also implement energy efficiency measures resulting in a 10% improvement in building energy performance.|
Fuel cells with CHP, internal combustion engines with CHP, and microturbines with CHP are all eligible.
|Application Form(s)||Application Materials|
|Other Incentive Details||Property owners interested in CHP can also use the custom project track in which GreenFinanceSF would use an energy engineer to determine that the project saves energy or produces it.|
This program uses an "open-market" PACE model that allows individual property owners to identify their own project lenders with whom they negotiate all the financing terms directly. The city collects loan repayments from the participant through a special tax lien on the property and disburses payment to the project lender. The special tax lien is designed to provide greater security to the lender, who should be able to provide more favorable financing terms to the property owner.