SACRAMENTO, Calif, Nov. 6, 2013 /PRNewswire/ -- Ygrene Energy Fund, a leading provider of building upgrade financing, today announced the expansion of its successful PACE financing programs to Sacramento and Yolo counties. This makes Ygrene – and its 100 percent financing for energy efficient, renewable energy and water conservation building improvements – available to thousands of additional property owners across Sacramento and Yolo counties.
Owners of both commercial and residential properties are encouraged to visit CleanEnergySac.com or CleanEnergyYolo.com to search their property, receive an instant building upgrade pre-qualification amount based on their property's value, and apply online. Thousands of eligible improvements qualify, including heating and air conditioning systems, solar technology, new windows and roofs, and many more.
To celebrate the expansion, Ygrene is offering free applications, a $50 value, through the month of November using the promo codes "UPGRADEYOLO" and "UPGRADESAC."
"We are pleased to offer this program to our residents and businesses, without taxpayer expense," said Phil Serna, Sacramento County Supervisor. "Ygrene's financing enables us to provide 100 percent financing for energy retrofits to property owners, create thousands of jobs, boost property values and help achieve Sacramento's goal of reducing energy use 15 percent by 2020 – that's a triple-win that benefits the entire region."
Ygrene's financing is a powerful alternative to traditional debt financing options. The financing is bound to the property rather than the individual or business and can transfer with a change in ownership in the same fashion as a property tax. Eligibility is based primarily on property value and equity (a minimum of 15 percent is required), rather than credit score. To date, the company has received nearly 200 applications in the City of Sacramento alone, valued at more than $45 million in potential building improvements. Dozens of local commercial and residential property owners are already using Ygrene financing for property upgrades, including the largest commercial PACE project in the nation, a $3.16 million upgrade of the Metro Center Corporate Park in Sacramento, scheduled for completion in December.
"Many Yolo residents have significant equity in their properties but not the substantial upfront funds typically required to make clean energy and water conservation improvements," said Mike McGowan, Yolo County Supervisor and Board Vice Chair. "This program allows those owners to upgrade without the upfront costs and without taking on traditional debt."
The Sacramento and Yolo county boards of supervisors voted unanimously Tuesday to enact the program for all unincorporated areas. Most cities – including Citrus Heights, Elk Grove, Galt, Isleton, Rancho Cordova, Sacramento, Davis, West Sacramento, Winters and Woodland – have either already "opted in," or are expected to in the coming weeks.
"We're thrilled to be expanding further in the region so more property owners have access to access to the financing they need to upgrade their buildings," said Stacey Lawson, CEO of Ygrene Energy Fund. "We're seeing a lot of pent up demand from folks who didn't have access to capital to make these improvements before—the financing was the missing piece."
About Ygrene Energy Fund
Ygrene Energy Fund is the leading developer and administrator of clean energy financing programs throughout the U.S. Ygrene's building upgrade financing provide privately funded and immediately accessible financing for renewable and energy efficiency 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, invest hundreds of millions into local economies and drive massive reductions in greenhouse gasses. Learn more at ygrene.us, CleanEnergySac.com and CleanEnergyYolo.com.
SOURCE Ygrene Energy Fund