SAN FRANCISCO, Dec. 19, 2014 /PRNewswire/ — The San Francisco Board of Supervisors voted last night to make the HERO Property Assessed Clean Energy (PACE) program available to local residents, returning residential PACE financing to the first major city to embrace the idea.
The vote revives a program called GreenFinanceSF that will give San Francisco homeowners access to HERO and two other PACE providers. Applications will be accepted starting in spring 2015.
HERO, which stands for Home Energy Renovation Opportunity, makes energy- and water-saving renovations affordable for property owners by providing long-term, competitive financing through an additional property tax assessment. Payments are made through the property tax bill for up to 20 years, and interest is tax-deductible. The HERO program currently finances 95 percent of all residential PACE projects. Read more.