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Committee backs $4.1 million renewable bond issuance to fund solar at Police Academy, Marina Middle School
Summary
The committee forwarded authorization for up to $4.1 million in clean renewable energy bonds (NCREBs) to fund solar installations at the San Francisco Police Academy and Marina Middle School; SFPUC expects a federal subsidy and estimated net city cost about $4.7 million.
The San Francisco Public Utilities Commission asked the Budget & Finance Committee on Sept. 23 to authorize the issuance of up to $4.1 million in clean renewable energy bonds (NCREBs) to fund two solar projects: a roughly 200‑kilowatt carport at the San Francisco Police Academy and a Marina Middle School installation.
Eric Sandler, assistant general manager and chief financial officer of the SFPUC, said NCREBs provide a significant federal subsidy (about 70 percent) that lowers interest costs; the SFPUC estimated an interest cost around 1.7–1.8 percent. Program manager Randall Smith said the Police Academy project is first and the Marina Middle School project would follow.
Severin Campbell of the Budget Analyst’s Office summarized the fiscal impact: proceeds of $4.1 million (including issuance costs), an estimated interest cost of about $1.8 million and a gross cost to the city of roughly $5.9 million; the IRS‑subsidy (PUC‑reported) is about $1.2 million, producing a net cost to the city of approximately $4.7 million. The committee forwarded the authorization with a positive recommendation to the full Board.
