WASHINGTON, Dec. 2, 2011 /PRNewswire/ -- Ygrene Energy Fund, a leading provider of energy efficiency programs for local governments, today announced it has been selected by the Department of Energy as a financial ally in support of the White House's Better Buildings Challenge. Ygrene joins the ranks of top tier financing leaders, cities and companies committed to energy efficiency that will save billions in energy costs and spur job creation.
The Better Buildings Challenge, part of the President's Better Building Initiative, aims to increase energy efficiency in buildings by 20 percent over the next decade and reduce energy costs for American businesses by nearly $40 billion. To achieve these ambitious targets, Ygrene has committed to unlock a minimum of $100 million in commercial building energy efficiency improvements over the next 12 months. Together, the retrofit projects will result in at least $250 million in economic activity and create more than 1,500 jobs.
"The Better Buildings Challenge brings together a community of decision makers with the power to finance and implement deep energy savings in the near-term. Together, we'll make investing in energy efficiency simple and affordable for all sizes of businesses," said Dennis Hunter, Ygrene CEO. "Ygrene offers local governments a secure and efficient financing pathway to achieve their clean energy goals at no cost to them."
Ygrene partners with cities and counties to deploy its no-cost Property Assessed Clean Energy (PACE) programs funded with readily available private capital. Ygrene's financing solutions enable property owners to make energy efficiency and renewable energy upgrades, repayable over the long term via property taxes. Gaining traction nationwide, the Ygrene model is currently in development with the City of Sacramento, a Better Buildings Challenge Community Partner, as well as member communities of the Green Corridor District in Southern Florida.
"Sacramento is committed to reducing energy use by 20 percent by 2020 in more than 12 million square feet of building space, and Ygrene's streamlined approach plays a critical role in achieving this vision," said Sacramento Mayor Kevin Johnson. "By partnering with Ygrene, Sacramento is able to tap private funds needed to stimulate and scale commercial building retrofits, while creating valuable green jobs."
About Ygrene Energy Fund
Ygrene Energy Fund, headquartered in Santa Rosa, California, is the leading developer and administrator of Property Assessed Clean Energy (PACE) financing programs in the US. PACE is an innovative structure enabling business and residential property owners to finance energy savings improvements. Assembled by the Carbon War Room, Ygrene leads "The Commercial PACE Consortium" a coalition, of leading financial, energy efficiency and climate change organizations to deliver no-cost, turnkey PACE financing on behalf of municipal governments. Founding members include Barclay's Capital, Lockheed Martin, and Energi. Learn more at www.ygrene.us.
SOURCE Ygrene Energy Fund