Identify new financing mechanisms to accelerate energy efficiency improvements in existing buildings.
The cost to implement building energy upgrades is the largest barrier to action and the demand for financial rebates and incentive programs for building energy retrofits often far exceeds available resources. Therefore, the City will explore alternative financing mechanisms or partnerships that will support accelerated retrofits in the existing building stock. Part of this effort will include expanding participation in the City’s existing PACE financing program. This program provides long-term financing for non-residential and multi-family residential energy and water efficiency upgrades, allowing improvements to be paid for with lower operating costs. The City will also identify seed funding resources or strategies to support development of a building retrofit revolving loan fund that would be available to residential property owners, among others. The revolving loan fund could also potentially be used to reduce, or offset costs associated with building energy audits (see Action B8), which can help to increase property owners’ understanding of cost-effective efficiency improvement opportunities; the loan fund could then help to finance the retrofit opportunities identified.