New green roof financing program announced
Counterpointe Sustainable Real Estate, a leader in commercial real estate PACE financing, has launched a new financing program for the installation, service and maintenance of green roofs and living roofs nationwide.
The program will help property owners comply with San Francisco’s new living roof ordinance and is backed by property-tax assessments funding — known as Property Assessed Clean Energy (PACE) Financing — through which the local county or municipality offers a voluntary tax assessment increase in exchange for financing 100 percent of the costs to fund permanent green energy-saving, water-saving and seismic strengthening improvements, according to a release.
The financing provided by Counterpointe Sustainable Real Estate provides financing for 100 percent of the costs of green roof installation. Through the Counterpointe SRE’s PACE program, the assessment that funds the improvements is repaid with long-term, fixed rates through an additional line item on the property tax statement. This will allow hotels, offices, hospitals and other commercial properties to finance green roofs while preserving capital and potentially qualifying for off balance sheet treatment. Assessments are tied to the property, so they may be passed through to tenants, are non-recourse to owners and are transferrable upon sale of the property.
A highlighted feature of the new program is 100 percent financing that includes all related soft costs, such as design, engineering, egress installation and prepaid service or maintenance contracts for the green roof.
Green roofs provide enormous benefits to community, property owners and tenants.
Whole building energy savings vary by climate, building size and green roof properties, but a city of San Francisco commissioned study estimates utility savings in cooling costs at 18 percent.
Read more about costs and benefits at http://default.sfplanning.org/Citywide/livingroof/SFLivingRoofCost-BenefitStudyReport_060816.pdf.
San Francisco has joined other North American cities promoting living roofs such as Toronto, Chicago and Portland.
Topics: Architectural Firms, Construction Firms, Consulting - Green & Sustainable Strategies and Solutions, Energy Saving Products, Engineering Firms, Exteriors, Green Roofs / Garden Roofs, Sustainable Communities, Urban Planning and Design