San Francisco PACE Financing
Congratulations, San Franciscans! You live in a city that supports property tax solar financing.
How does San Francisco’s municipal solar financing program work?
In a nutshell, the San Francisco Clean Energy Loan Program will allow homeowners to pay for solar panels and other energy efficiency improvements over a 20 year period through property tax bills. The loans will carry a fixed interest rate and stay with the house- so if you move, the next tenant continues to pay for the loan through property taxes. That means you don’t have to worry about paying for panels on a house that you don’t live in anymore.
That sounds great! How is San Francisco able to do this?
San Francisco’s program is made possible thanks to California’s AB811 law, which allows loan programs to pay back investments in renewable energy systems through property tax payments.
Is the solar financing program available now?
San Francisco is planning to launch its GreenFinanceSF program in early April, with a total bonding capacity of $150 million. It includes renewable energy, energy efficiency and water conservation. You can read these articles in The New York Times and in Grist Magazine about San Francisco’s announcement of the PACE program.
The GoSolar SF program, which offers residents up to $4,000 and businesses up to $10,000 for solar installations, is available now. Keep watching the SFGov website for further updates.
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