DATE: November 3, 2015
TO: Mayor and City Council
FROM: Director of Utilities & Environmental Services
SUBJECT
Title
Ygrene Property Assessed Clean Energy (PACE) - Authorization to operate under SB 555
End
RECOMMENDATION
Recommendation
That Council approves the attached resolution to authorize Ygrene PACE to operate under SB 555.
Body
BACKGROUND
Property Assessed Clean Energy (PACE) programs allow property owners to finance energy and water efficiency improvements and pay off the debt through annual installments on their property tax bill. On July 7, 2015, the City Council authorized Ygrene Works, a PACE program, to serve Hayward property owners. The resolution that Council passed in July allows Ygrene to operate under AB 811. This report introduces a resolution that would allow Ygrene to also operate under SB 555. They requested this addition because they feel SB 555 gives them more flexibility.
Council has approved the five PACE programs below, which all operate under AB 811. California AB 811 (July 21, 2008) amended the Streets and Highways Code to enable PACE financing. The Code allows assessment districts to be established to pay for public improvements. AB 811 includes renewable energy facilities and energy efficiency upgrades in the list of public improvements that can be financed through an assessment district.
PACE Program Approved by Hayward City Council on:
CaliforniaFIRST January 5, 2010 - link to staff report
Figtree Financial October 28, 2014 - link to staff report
Alliance NRG July 7, 2015 - link to staff report
HERO Program July 7, 2015 - link to staff report
Ygrene Works July 7, 2015 - link to staff report
DISCUSSION
Ygrene Works has requested to operate under SB 555 in addition to AB 811. Staff is recommending that Council grant this request. Staff does not feel that this will pose any additional economic, fiscal, or customer risks and it is poss...
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