SANTA ROSA, Calif., May 11, 2016 /PRNewswire/ -- As part of the Obama Administration's efforts to cut energy waste in the nation's buildings, the U.S. Department of Energy (DOE) today recognized Ygrene Energy Fund, the nation's leading multi-state provider of residential and commercial property assessed clean energy financing for achieving its Better Buildings Challenge goal by investing over $100 million in commercial building energy efficiency projects. The award-winning YgreneWorks™ program provides residential, commercial and multifamily property owners the financing they need to immediately install energy efficiency, water conservation, renewable energy and climate resiliency upgrades with no up-front costs. Approved in more than 240 communities across the U.S., YgreneWorks has emerged as a way for cities and counties to achieve energy and climate initiatives while fortifying against fluctuating energy prices, drought and severe weather events.
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 committed to unlock a minimum of $100 million in financing for commercial building energy efficiency improvements. Together, the retrofit projects created $250 million in economic stimulus, over 1,500 new and sustained jobs and $200 million in energy savings—the equivalent of providing power to 99,000 homes for a year.
"Thanks to a dedicated drive to actively create and share the best energy efficiency solutions, Better Buildings partners have dramatically cut their energy waste and saved more than a billion dollars since the Better Buildings initiative was launched five years ago," said Energy Secretary Ernest Moniz. "As the initiative continues to grow, we are moving the nation forward by reducing energy costs and carbon emissions through energy efficiency."
Nationwide, YgreneWorks has approved more than $1 billion in applications for over 21,000 properties and has completed $394 million in contracts, producing more than $985 million in economic stimulus, more than 5,900 jobs and $788 million in energy savings—equal to providing power to 390,000 homes for a year.
"Ygrene is proud to partner with the Obama Administration and the Department of Energy as an industry leader and 2016 Goal Achiever by unlocking hundreds of millions of dollars in energy savings for the Better Buildings Challenge program," said Stacey Lawson, CEO & President of Ygrene. "The demand for affordable, accessible financing for clean energy and climate resiliency upgrades is increasing. As we expand our national footprint, we look forward to extending the benefits of PACE to more home and business owners across the U.S. and achieving an even higher Better Buildings Challenge goal."
About Ygrene Energy Fund
Ygrene Energy Fund is the nation's leading multi-state provider of residential and commercial property assessed clean energy financing. The award-winning, privately funded YgreneWorksTM program provides immediately accessible financing with no upfront costs for energy efficiency, renewables, 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 ygreneworks.com.
SOURCE Ygrene Energy Fund