SACRAMENTO, Calif., Jan. 30, 2013 /PRNewswire/ -- The City of Sacramento and Ygrene Energy Fund, a leading provider of clean energy finance programs for local governments, today announced the launch of Clean Energy Sacramento, a pioneering public-private partnership which provides funding to local property owners for energy efficiency, renewable energy and water conservation upgrades at no up-front cost. Clean Energy Sacramento is the first privately funded clean energy financing model in the nation for both commercial and residential buildings, providing 100 percent private funding for energy retrofits with no public money. Clean Energy Sacramento is projected to create thousands of jobs, boost property values and help achieve Sacramento's goal of reducing energy use 15% by 2020.
Both commercial and residential properties have been approved for immediate funding under the program, including a spotlight project to upgrade to a more efficient chiller at 520 Capitol Mall, located in the most prominent downtown office corridor in the City. The $513,000 project will be installed by Airco Mechanical, a certified Ygrene contractor, and is projected to reduce costs by $47,000 a year for 25 years, while improving the property value in excess of the project cost.
"Launching Clean Energy Sacramento is a major milestone in establishing this city as a national leader in the green economy," said Kevin Johnson, mayor of Sacramento. "Not only are we making Sacramento a cleaner and healthier place to live, we're also putting Sacramento's hard-hit construction business back to work and revitalizing our economy at zero cost to taxpayers. Clean Energy Sacramento is a win for the city in every way, and I encourage all property owners to join this innovative program as we transform the Sacramento region into the Emerald Valley."
Clean Energy Sacramento launches with $22M of prequalified projects in the pipeline, with more than 150 trained local contractors ready to begin work across the City. According to independent research conducted by ECONorthwest, every $100M invested via Clean Energy Sacramento is projected to create 1,500 jobs, $250M in economic activity and $25M in tax revenue. Interested property owners and contractors can apply for funding and sign up for training now at cleanenergysacramento.com.
"Innovative programs like Clean Energy Sacramento are essential to continue creating jobs and improving property values as our economy recovers," said Congresswoman Doris Matsui (D-CA). "I applaud Sacramento on launching this impressive program, and will continue working to help more municipalities nationwide follow Sacramento's example."
Under Clean Energy Sacramento, property owners repay capital costs for clean energy upgrades and retrofits via property taxes over a period of up to 20 years. The unique property tax payback mechanism makes it possible for both the efficiency savings and investment to transfer with the property upon a sale, a significant benefit for property owners. All commercial properties are projected to deliver financial benefits that exceed additional property taxes, delivering a reliable return for property owners.
Ygrene also announced the grand opening of its Ygrene Energy Center, Sacramento at 2600 Capitol Avenue to serve as a community hub for the program. The Ygrene Energy Center, Sacramento will host contractor trainings, energy efficiency workshops and partner meetings, as well as provide information on cutting-edge green products and hold consultations about participating in Clean Energy Sacramento. To view upcoming events and learn more about the program, visit cleanenergysacramento.com.
"We are thrilled to open the doors of our Energy Center and start funding projects immediately," said Stacey Lawson, CEO of Ygrene. "At a time when owners are seeking to improve the comfort and efficiency of their properties, and cities are searching for ways to kickstart their economies and reduce energy consumption, Clean Energy Sacramento offers tremendous opportunity. We look forward to working closely with the city and our partners to make Sacramento a national leader in energy efficiency."
Ygrene is bringing its privately funded model to other states across the nation later this year, establishing the Clean Energy Green Corridor in Miami-Dade County, FL and Clean Energy Atlanta in Georgia.
About Ygrene Energy Fund
Ygrene Energy Fund is the leading developer and administrator of clean energy financing programs throughout the U.S. Ygrene's fully funded Clean Energy Programs 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 and cleanenergysacramento.com.
SOURCE Ygrene Energy Fund