SAN FRANCISCO (KCBS) -- Residential and commercial landlords interested in making their buildings more energy efficient will soon be able to take advantage of low-interest loans offered through the city to cover the upfront cost of the investment.
The cost of installing solar panels, water efficiency systems and other green energy systems is often prohibitively expensive despite the long-term savings.
“If the argument against becoming a more energy efficient city and a greener city is the upfront cost, that argument has now been pushed aside,” said Mayor Gavin Newsom during a signing ceremony at Project Open Hand, whose roof is now covered in solar panels.
KCBS' Barbara Taylor reports
The city will act as a broker to secure loans at very low rates that can be repaid over many years as a property tax surcharge. Interest payments on the loans will be tax deductible.
Most property owners will be eligible so long as they don’t owe back property taxes.
The loan program begins March 1.
(jro)
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