SANTA ROSA, Calif., July 16, 2015 /PRNewswire/ -- Ygrene Energy Fund, the leading provider of property assessed clean energy (PACE) programs in the US, and CivicSolar, the nation's fastest growing solar equipment distributor, today announced a strategic partnership to provide CivicSolar's thousands of contractor customers access to Ygrene's low-cost, low-risk PACE financing.
While traditional solar financing can burden property owners with high capital costs, long-term price escalators, or a lack of true asset ownership, Ygrene's PACE financing offers a transparent, low-cost way for customers to fund their solar projects. PACE financing is repaid via annual property assessments over a 5- to 30-year term and are based on the property's value, not credit score. Since 2013, thousands of home and business owners have utilized this simple and affordable financing mechanism to improve the value of their property and to save millions of dollars on their energy bills.
"Ygrene's unique PACE program will be impactful in helping our contractor customers close more deals, and will provide their customers access to solar financing that boasts significant advantages over traditional financing products," said Stuart Rentz, CivicSolar CEO.
"As leaders in customer service and web-enabled tools, CivicSolar's values and capabilities are well-aligned with Ygrene's," said Mike Cary, Ygrene COO. "Ygrene's simple, user-friendly contractor registration tool and fast on-line application to funding process ensure more sales and a seamless contractor customer experience, while our best-in-class work flow management software gives contractors 24/7 access to their projects – a powerful tool with which they can manage their business. We're excited to leverage our collective strengths through this new partnership with CivicSolar."
Ygrene currently offers its programs in select counties in California and Florida and is rapidly expanding its offering to new jurisdictions. Cities and counties interested in offering PACE financing can learn more by speaking to a program advisor who can walk them through the process of activating the program in their community.
"We designed Ygrene Works to deliver the best financing program on the market with the fastest delivery," said Stacey Lawson, Ygrene President and CEO. "Ygrene will allow thousands of CivicSolar contractors to activate the lowest-cost energy upgrade financing for their customers. Property owners can save money right away while cities and counties can enhance efforts to achieve environmental targets, create local jobs and generate economic growth. We look forward to continuing to lead the solar energy revolution in partnership with CivicSolar."
About Ygrene Energy Fund
Ygrene Energy Fund is the leading developer and administrator of clean energy financing programs throughout the United States. The fully funded Ygrene Works program provides immediately accessible financing for renewable generation, energy efficiency and water conservation upgrades to both residential and commercial property owners at no upfront costs. Over the next five years, the Ygrene Works program is projected to create tens of thousands of local jobs and invest hundreds of millions into local economies. Learn more at ygreneworks.com.
About Civic Solar
With over 30 MW of both modules and inverters sold in 2014, the company's mission is to accelerate the adoption of solar power by being the most efficient and responsive distributor in the industry. With offices in San Francisco and Boston, CivicSolar differentiates itself from other distributors by focusing on expert service, knowledge, and contributing value to its 3,000+ solar installer customers. With a portfolio of over 85 manufacturers, CivicSolar provides on-time, complete, and accurate delivery from its national network of warehouses. For more information, visit: civicsolar.com.
SOURCE Ygrene Energy Fund