CHICAGO, June 14, 2013 /PRNewswire/-- Ygrene Energy Fund, the leading provider of property assessed clean energy (PACE) programs for local governments, today committed as part of the Clinton Global Initiative to accelerate nationwide PACE adoption by establishing 10 new Clean Energy Districts by the summer of 2015. This $10 million endeavor represents a very tangible example of the near term "Commitments to Action" made by the companies and NGOs participating in the CGI America event.
"This commitment is just the tip of the iceberg for Ygrene on its mission to fund energy retrofits and stimulate local economies from coast to coast," said Stacey Lawson, CEO of Ygrene, who will participate in the Residential Energy Efficiency: Accelerating Energy Conservation in America's Homes at the CGI America event. "We thank the Clinton Global Initiative for providing this invaluable public forum, and for its dedication to transforming communities through public/private collaboration."
Ygrene's programs open access to low-risk capital for commercial and residential property owners to upgrade their facilities without high upfront costs. These PACE-financed energy retrofits are repaid through annual property assessments over a period of up to 20 years.
The Ygrene team works closely with elected officials to establish each Clean Energy District and trains local contractors to manage the projects, ensuring lasting economic development. The company also opens a brick-and-mortar Energy Center in each district to serve as an educational hub for those interested in learning more about energy conservation.
Today's news comes on the heels of Ygrene unveiling Florida's first-ever PACE-funded projects. The company is also working with municipalities in states like California and Georgia to expand the benefits of PACE to property owners in new territories. ECONorthwest estimates that for every $100 million invested in these upgrades, PACE creates 1,500 new jobs, $250 million in economic stimulus and $25 million in tax revenue, while reducing carbon emissions by 12,000 metric tons.
About Ygrene Energy Fund
Ygrene Energy Fund is the leading developer and administrator of clean energy financing programs throughout the United States. Ygrene's fully funded Clean Energy Programs provide immediately accessible financing for energy efficiency, renewable energy generation, water conservation and weather resiliency upgrades to both residential and commercial property owners at no upfront costs. Over the next five years, Ygrene's Clean Energy Districts are projected to create tens of thousands of local jobs and invest hundreds of millions into local economies. Learn more at ygrene.us.
About CGI America
The Clinton Global Initiative (CGI), an initiative of the Clinton Foundation, convenes global leaders to create and implement innovative solutions to the world's most pressing challenges. Established in June 2011 by President Bill Clinton, the Clinton Global Initiative America (CGI America) addresses economic recovery in the United States. CGI America brings together
leaders in business, government, and civil society to generate and implement commitments to create jobs, stimulate economic growth, foster innovation, and support workforce development in the United States. Since its first meeting, CGI America participants have made more than 211 commitments valued at $13.6 billion when fully funded and implemented. To learn more, visit cgiamerica.org.
SOURCE Ygrene Energy Fund