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City launches Green Finance SF to restart residential PACE financing
Summary
City leaders announced Green Finance SF, a property-assessed clean energy (PACE) program for one- to four-unit residential properties, saying private capital will fund upgrades at no cost to the city and that a state reserve fund will address FHFA concerns; workforce components and local hiring were emphasized.
City officials and partners unveiled Green Finance SF, a residential Property-Assessed Clean Energy (PACE) initiative intended to help owners of one- to four-unit properties finance energy efficiency and renewable-energy upgrades through property-tax assessments.
Supervisor Farrell introduced the plan as a way to overcome market barriers and described partnerships with labor and CityBuild to ensure a workforce development component that prioritizes local hiring for the green-collar jobs the program could create. He said private lenders would provide capital and the program would be structured so it imposes no financial risk on the city.
Mayor Edwin M. Lee framed the program as a continuation of San Francisco's role as a national leader on climate initiatives. Lee noted that Governor Brown's budget included a state reserve fund to address concerns raised by the Federal Housing Finance Agency (FHFA) and to reduce worries from mortgage investors such as Fannie Mae and Freddie Mac. That state reserve, Lee said, would provide an added layer of protection for homeowners who enroll.
Speakers from the Environment Commission, contractors and a small-property owner described how removing upfront financing barriers will make upgrades feasible for more homeowners, create local jobs and increase demand for energy-efficient services. Janine Cutter of Lumenok Solar called the proposal a "triple win" for solar, efficiency and job creation; homeowner Josephine Zhao (Small Property Owners of San Francisco) said the favorable financing terms would make owners more willing to pursue long-term upgrades.
City staff and partners said more work remains to finalize program details, outreach and enrollment mechanics, and that the Department of the Environment will lead implementation with other agencies and labor groups. Officials said the program is voluntary and will incorporate safeguards to minimize risk to mortgage investors and homeowners.
The announcement included a high-profile public relations component later in the record (Make-A-Wish Batkid), reflecting broad civic engagement on the day the program was announced.
