Renewable Funding Commends San Francisco for Adopting Nation’s Largest Property Assessed Clean Energy (PACE) Program

Tuesday, Feb 09, 2010

Mayor Gavin Newsom today signed the final legislation required to establish San Francisco’s Property Assessed Clean Energy (PACE) program. The program is the nation’s largest PACE program to date, making $150 million in bonding capacity available to private property owners to finance water conservation, energy efficiency and renewable energy improvements through a voluntary special property tax.

Studies have shown that the primary barrier preventing property owners from making these types of upgrades is high upfront costs. PACE programs are designed to remove that barrier. Each additional special property tax will be paid in full within 20 years. San Francisco property owners will be able to apply for financing beginning next month.

Oakland-based Renewable Funding, the nation’s leading provider of PACE financing services, will administer the program and provide capital to fund the projects. San Francisco-based Stone & Youngberg and Backstrom McCarley Berry & Co. are serving as bond underwriters.

“San Francisco is once again leading the way by establishing the largest PACE program in the nation to date,” said Cisco DeVries, president of Renewable Funding. “In signing this legislation, Mayor Newsom has put the final piece in place to allow tens of thousands of San Francisco property owners to have the opportunity to reduce their water and energy footprint, all while creating local green jobs.”

The PACE model was developed in Berkeley, California, by Mr. DeVries, who was then serving as chief of staff to Berkeley Mayor Tom Bates. The concept is rapidly expanding across the country; 17 states have authorized PACE programs over the past 18 months.

About Renewable Funding and PACE Financing (www.renewfund.com)

Renewable Funding is the nation’s leading financier of Property Assessed Clean Energy (PACE) programs and is providing the initial round of private capital for the GreenFinanceSF program. The company provided both administration and financing for Berkeley’s pioneering program, which launched in November 2008. Renewable Funding is working to set up, administer and finance PACE programs covering 200 local governments across the country in 2010. The PACE model was recently named one of the top 20 ideas that can change the world by Scientific American magazine and one of the top 10 breakthrough ideas for 2010 in the Harvard Business Review.

Source: Businesswire