PETALUMA, Calif., Feb. 21, 2018 /PRNewswire/ -- Ygrene, a national leader in energy efficiency and resiliency financing, announced today that the City and County of San Francisco, along with more than 20 other communities in California, have adopted the company's Property Assessed Clean Energy (PACE) program within the last three months. Ygrene can now assist nearly 28 million California residents in financing a broad range of energy efficient, renewable generation, resiliency and water conservation upgrades.
Under this expansion, many more Californians across the state will have access to a long-term, low-rate financing option for residential and commercial building improvements – ranging from solar panels to seismic retrofits. Along with the City and County of San Francisco, the most notable of the approvals and activations comes from the cities of Folsom, Pleasanton, and Victorville, as well as Amador and Contra Costa counties.
"The success of Ygrene in California allows us to offer residents greater access to affordable financing for critical home improvements, while helping communities become more efficient and resilient," said Mike Lemyre, Senior Vice President at Ygrene. "These approvals, across every part of the state, make clear that PACE policy is working for both local governments and consumers, particularly in California, where seismic retrofits and energy and water conservation are paramount."
"With PACE, Contra Costa County has another innovative tool for creating a cleaner, more sustainable community," said John Gioia, Vice-Chair of the Contra Costa Board of Supervisors. "This unique program will create jobs and make money saving improvements to homes and businesses – at no cost to our taxpayers or the County. PACE is a good deal for local businesses, our environment, and the 1.1 million people who live in Contra Costa County."
Property owners in the newly approved California districts will now be able to tap into the following Ygrene programs:
- Residential PACE program: This program provides homeowners with funding for a variety of home improvement projects and upgrades that help to reduce energy and water use, cut pollution and save on utility bills. Payments are made via property taxes and repaid over terms of up to 25-plus years.
- Commercial PACE (C-PACE) program: Property Assessed Clean Energy (PACE) is a creative way for commercial property owners to finance energy efficiency, water conservation, renewable energy and resiliency improvements. C-PACE financing is repaid through an incremental increase in property taxes. Payments are fixed and are fully amortized over a 5- to 30-year term, making improvements affordable for owners of multifamily, retail, office, industrial, hotels, schools, churches and other commercial buildings. C-PACE projects often deliver net energy and water utility savings with positive cash flow, which increase property values, while contributing to overall sustainability goals set by local and state policies. In addition, property owners may experience additional tax advantages and are able to pass along the cost of the improvements to commercial tenants in most net leases.
- Seismic retrofitting program: Offered to both residential and commercial building owners alike, this new program provides funding for improvements projects such as home foundation, frame and column strengthening, masonry reinforcement, and emergency shut-off systems, among others. These retrofits significantly improve a building's resilience to natural disasters – like droughts, mudslides and earthquakes – to keep families, properties and tenants secure, and meet local ordinances that require mandatory seismic retrofits for certain structures throughout the state.
With over $1 billion in private capital provided to date in more than 500 local communities and approximately 45,700 projects for some 69,600 property owners completed, Ygrene's PACE programming is helping communities across the nation meet their energy efficiency and resiliency goals. The full list of jurisdictions where Ygrene's PACE system has been approved can be found here.
Ygrene is a national leader in residential and commercial clean energy financing. Founded in 2010, Ygrene's award-winning, privately funded Property Assessed Clean Energy (PACE) program is revolutionizing the home improvement industry, making it easier for property owners to invest in their futures and a healthier environment. Ygrene is delivering greater choice for home and business owners by providing accessible and affordable financing for energy efficiency, renewables, water conservation, storm protection and seismic upgrades. Recognized as one of the fastest growing asset classes in the country, PACE has proven to be a successful tool for supporting public policy initiatives, all without the use of public tax dollars or credits. To date, Ygrene has provided over $1 billion of private capital to more than 400 local communities, creating thousands of jobs and investing millions into local economies across the U.S. Learn more at ygrene.com.