Energy Saving News
$3 Million Boost for San Francisco Energy Efficiency
Mayor Newsom has announced that San Francisco has secured $2.9 million in federal funds to compensate the cost of commercial energy efficiency programs. New funding will add incentives already offered with the GreenFinanceSF program.
The program will be launching in early April, once the grant is in place, then applicants can take immediate advantage of the benefits available.
"San Francisco´s green financing program will help property owners overcome the large up-front costs of major environmental improvements to their buildings, and these newly secured funds will lower the cost of these improvements significantly by providing additional financial incentives to borrowers," said Mayor Newsom.
The grant of $2,955,957 is authorised under the American Recovery and Reinvestment Act, as administered through the California Energy Commission.
The money will be directed to business owners for energy efficiency upgrades. Home owners will also benefit with the opportunity to improve the energy efficiency of their property, with special incentives for low income residents.
General Manager of San Francisco Public Utilities Commission, Ed Harrington said:
"San Francisco prevailed for these funds in a hotly competitive process, but it was our innovative approach that won the day, our proposal reflects the city’s environmental and social values because it shares the benefits across all economic sectors.
“In addition, to reducing San Francisco's carbon footprint," said Environment Department acting director David Assmann, "this green financing program is going to sustain hundreds of green jobs in The City."
Various city departments have developed an accessible, low-cost loan program that property owners can use to finance environmental based building improvements.
This program establishes a Citywide Mello-Roos Special Tax District that would be available to finance privately-owned energy efficiency improvements. The loan is attached to the property, rather than the individual, and is paid back through property taxes over the life of the loan.
Thursday 4th March 2010
