As part of San Francisco's effort to drive environmental and economic
innovation, Mayor Ed Lee and SF Environment Director Melanie Nutter
recently announced a groundbreaking program to encourage businesses to
undertake climate-friendly building improvements and attract significant
new capital to pay for them.
The GreenFinanceSF-Commercial program is a Property Assessed Clean
Energy (PACE) program designed to give commercial property owners a new
form of financing for the installation of energy efficiency, renewable
energy, and water conservation improvements.
"The commercial PACE program is the next big step forward in San
Francisco's efforts to dramatically reduce energy use and carbon
emissions," declared Mayor Lee. "We are excited about the potential to
unlock an enormous amount of private investment - from a wide range of
sources - and create local construction jobs."
San Francisco's 16,000+ commercial buildings account for half of
citywide energy use and 27% of the city's carbon footprint. The program
strives to help commercial property owners reduce operating costs,
improve occupant health and comfort, enhance building value, and
mitigate environmental impact while providing financial institutions a
new and secure vehicle to finance projects at attractive rates. A
similar program was recently launched in Los Angeles County.
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