City Approves Energy Efficiency Financing Tool

By Lauren Steussy
|  Wednesday, Sep 19, 2012  |  Updated 8:49 AM PDT
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City Approves Energy Efficiency Financing Tool

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San Diego councilmembers approved a financing mechanism Tuesday that will make it easier to be green.

The mechanism, called Property Assessed Clean Energy (PACE) allows commercial property owners to borrow bond money that finances energy and water efficiency improvements on their property.

The loan is repaid through an assessment on their annual property tax bill, according to a fact sheet from Mayor Jerry Sanders' desk.

Sanders sponsored the resolution to join CaliforniaFIRST, a program that uses PACE to encourage people to retrofit their businesses.

Participants in the program, which can range from apartment complexes to office spaces, typically make improvements to windows and doors, lighting, refrigeration, bathrooms and electric vehicle charging stations.

The perks to using PACE include lower interest rates and repayment obligations that are attached to their property, instead of their business.

The same program was just launched Tuesday in Encinitas, and has been implemented in other cities across the county.

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