Clean Energy Sacramento Expands to All Property Types Program is first in state to extend energy upgrade financing to publicly owned buildings and new construction; $20M in commercial projects on tap
SACRAMENTO, Calif., June 28, 2012 /PRNewswire/ -- Ygrene Energy Fund, a leading provider of clean energy finance programs for local governments, today announced expanded building eligibility and financing terms under Ygrene's Clean Energy Sacramento program to all property types. A notable achievement that will further advance the region's economic and clean energy goals, Sacramento City Council's vote is the first in the state to adopt Senate Bill 555 and connect owners of new construction and publicly owned buildings, in both residential and commercial properties, to more than $100 million for energy building improvements.
Clean Energy Sacramento provides financing for property owners for energy efficiency, water conservation and renewable energy upgrades at no up-front cost, repaid through property taxes. Tuesday's legislative expansion also allows residential and commercial property owners to refinance existing improvements, as well as take advantage of more flexible financing terms, which mean lower payments with lower interest rates.
"Sacramento is teeming with interest in our program," remarked Dan Schaefer, Ygrene president. "More than 275 contractors have signed up for Clean Energy Sacramento, and we've already seen more than $20 million in commercial projects lined up for our Fall 2012 launch. Thanks to this expansion – especially now that residential buildings are eligible -- we expect those numbers to rise considerably."
Additional construction activity generated by Clean Energy Sacramento's expansion will drive greater citywide adoption of clean energy upgrades, and will be a major boon for Sacramento's economy. For every $100 million invested in upgrades, the city expects 1,500 new jobs and $250 million in economic stimulus.
"After a tough run the past few years, this program will be an instant job creator for contractors," said Scott Whyte, political director for Region Builders. "Clean Energy Sacramento is one of the most exciting economic development programs to ever come to our region. Expanding the scope of clean energy retrofits for Sacramento construction will generate even more job opportunities for our members."
About Ygrene Energy Fund
Ygrene Energy Fund is the leading developer and administrator of clean energy finance programs throughout the US. In partnership with the Pace Commercial Consortium, Ygrene has unlocked $550 million of private funding for affordable, immediately accessible financing for commercial and residential energy upgrades at no upfront costs. Over the next five years, Ygrene-funded renewable energy and efficiency programs are projected to bring tens of thousands local jobs, millions invested in local businesses, and massive reductions in greenhouse gasses.
SOURCE Ygrene Energy Fund