MIAMI, Oct. 20, 2016 /PRNewswire/ -- With South Florida most at risk to climate-related property threats, Florida has become a pioneer in adopting preventative measures to create more resilient communities and, Ygrene Energy Fund's award winning YgreneWorks™ PACE (property assessed clean energy) program has been instrumental in that strategy. In the wake of Hurricanes Matthew and Hermine, Ygrene today announced that it has saved Florida property owners more than $13 million in hurricane-related insurance claims and premiums by financing $75 million in upgrades such as roofs and impact resistant windows and doors. In the last eight months, Ygrene has more than tripled its financing for hurricane protection measures, funding nearly $46 million in 2016 alone.
Before Hurricane Matthew came barreling up the coast, Florida residents were already bearing the brunt of property damage delivered by Hermine a month earlier. In fact, the number of water-related claims following Hermine prompted the Florida Office of Insurance Regulation to approve a range of rate increases; Miami-Dade and Broward county residents will see insurance rate increases between 9.1 and 9.9 percent. As Florida residents continue to face the threats to property associated with extreme weather and sea level rise, YgreneWorks will continue to help by providing accessible financing for the installation of seawalls as a medium of protection against storm surge, in addition to foundation strengthening measures, enabling properties to become more resilient.
YgreneWorks for Hurricane Prevention: Florida Homeowners Speak Out
Sharon Mulberry (Gainesville homeowner): "Without Ygrene's financing, I wouldn't have been able to afford a new roof before Hurricane Hermine. Upgrading my 50-year old roof right before the hurricane hit was what saved my property."
Rasha Cameau (Miami Shores homeowner): "I am so grateful for the YgreneWorks program. Insurance rates are already acutely high in South Florida, but I was able to decrease my annual property insurance by $3,700 as a result of using the YgreneWorks program to finance a new roof and impact resistant doors and windows."
Hermine and Matthew were wake-up calls to many Sunshine State homeowners who are turning to YgreneWorks to prepare for the next big one. Unlike traditional, credit-based financing, YgreneWorks PACE financing can offer lower payments and can be paid over a longer period of time, with terms of up to 20 years.
"As the need to protect properties from hurricane and climate related damage continues to grow, access to fast and affordable financing is essential," said Stacey Lawson, CEO of Ygrene Energy Fund. "We're here to help Florida communities address serious concerns around extreme weather in order to keep families and homes safe."
About Ygrene Energy Fund
Ygrene Energy Fund is the nation's leading provider of residential, multifamily and commercial property assessed clean energy financing. The award-winning, privately funded YgreneWorks program provides immediately accessible financing with no upfront payments for energy efficiency, renewables, water conservation, and, in certain areas, hurricane protection, electric vehicle charging stations and seismic upgrades. Ygrene is committed to making it easy for property owners to invest in their future and a healthier environment. Over the next five years, YgreneWorks is expected to create tens of thousands of jobs and invest billions of dollars into local economies. Learn more at ygreneworks.com.
Ygrene is a leader when it comes to safe, transparent PACE financing with a high level of commitment to customer protections. From application through approval, construction, project completion and funding, Ygrene's customer protection policies ensure Florida's consumers are supported every step of the way with its complete set of contractor certification, underwriting, consumer disclosure, data security and senior protection policies. For more information, view or download Ygrene's Customer Assurance and Protections.
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SOURCE Ygrene Energy Fund