SANTA ROSA, Calif., Feb. 11, 2016 /PRNewswire/ -- Ygrene Energy Fund Inc., the leading multi-state provider of residential and commercial PACE financing, today announced it has reached more than $1 billion in approved applications and $300M in closed contracts for energy efficiency, water conservation and renewable energy projects. With an 800% year-over-year increase in applications, Ygrene is providing unprecedented access to clean energy and climate resilience upgrades through its zero upfront cost financing program, YgreneWorksTM. As a result, the award-winning program will reduce carbon emissions and save property owners across the nation upwards of $600 million on their utility bills over the life of the improvements—energy savings equal to powering nearly 300,000 homes for one year.
Investor Community Demonstrates Strong Appetite for PACE
While policymakers embraced the benefits of PACE on economic, energy and environmental fronts, institutional investors committed billions in capital to fund PACE initiatives. Ygrene has raised $520 million in cumulative project and operating capital to date, including a $150M securitization of PACE assets, the first securitization to blend commercial and residential into a single asset pool. With more securitizations on the near horizon, Ygrene is well equipped to support ongoing growth while investors continue to realize above market yields and near-perfect repayment rates.
200+ Communities Across California and Florida Choose YgreneWorks
Ygrene, the only multi-state PACE administrator, is now authorized in more than 200 cities and counties across the U.S., and is seeing PACE hit the tipping point in California and Florida—two regions that have served as the proving ground for its model. In California, new jurisdiction wins include 7 of the 10 largest cities (Los Angeles, San Diego, San Joe, Fresno, Sacramento, Oakland, Santa Ana), and 4 of the 6 largest counties (Sacramento, Riverside, San Diego and Kern) in the state. Ygrene has trained over 2800 contractor companies in communities across its service territory, a 95% year-over-year growth rate.
Demand for Multifamily Projects Doubles
As the only PACE provider to complete energy upgrade projects for the underserved multifamily housing sector, Ygrene has now funded 54 multifamily projects, an increase of 100% in the last year. The growth in this sector shows the need for energy efficiency, renewable energy and climate resilience options for this historically underserved market.
PACE Policy Reaches the Tipping Point
PACE policy gained traction regionally and nationally in 2015. With the federal endorsement of President Obama and the FHA, PACE is now one of the most powerful financing vehicles for the nation's shift to a clean energy future. At the state level, Florida, one of the most climate-vulnerable regions in the country, ruled in favor of PACE in its Supreme Court, expanding the role PACE is playing in critical hurricane preparedness and other property improvements. Ygrene has pioneered the effort in Florida and is the leading PACE provider in the state having funded $50M in energy efficiency and climate resilience improvements. These victories mark a turning point for PACE, positioning 2016 as a landmark year for communities across the nation to join the PACE movement.
"The strong growth curve for PACE is being driven by both commercial and residential property owners who are increasingly demanding alternatives to traditional credit-based financing that allow them to make upgrades to their property, save money and do good for the environment. It's a win-win-win," said Stacey Lawson, Ygrene President and CEO. "We remain focused on long term market engagement and will continue to take a people-first approach to energy efficiency financing as we expand into new states in 2016."
Ygrene by the Numbers
- $1B in applications approved for over 21,000 residential and commercial properties
- $300M in completed contracts for over 13,000 residential and commercial properties
- 54 multifamily (MFH) housing projects completed, making it the largest MFH funder
- $520M secured in project and operating capital
- 200+ community partners across CA & FL
- $750M in local economic stimulus
- 4,500 jobs created & sustained
- $600M energy saved (utility bill savings)
- 19 MW energy produced
- 360,000 Mtons CO2 avoided
- 1.3B Gal water saved
About Ygrene Energy Fund
Ygrene Energy Fund is a leading residential and commercial provider of clean energy financing throughout the United States. The award winning, privately funded YgreneWorksTM program provides immediately accessible financing with no upfront costs for energy efficiency, renewable energy, water conservation and, in certain areas, hurricane protection, electric vehicle charging stations and seismic upgrades. Ygrene is committed to making it easy for families to invest in their future and a healthier environment. Over the next five years, YgreneWorks is projected to create tens of thousands of local jobs and invest hundreds of millions into local economies. Learn more at www.ygreneworks.com.
SOURCE Ygrene Energy Fund