We're here to answer your questions.
Ygrene financing is as simple as it can be — but when it comes to a financial commitment, it makes sense to ask all
the right questions. We’ve provided answers to the ones customers ask most below. If you don’t find what you’re
looking for here, please contact us directly.
Want to find out if your home is eligible for Ygrene PACE financing? You can easily find out if your home is eligible
for Ygrene in just seconds.
What is Ygrene ﬁnancing?
Ygrene's award-winning PACE program, with built-in consumer protections, delivers greater choice for home and business owners by providing accessible and affordable financing for energy efficiency, resiliency, renewable energy, water conservation, storm protection and seismic upgrades. (Qualifying upgrades vary by state. Explore qualifying projects by state here.)
Eligibility for Ygrene is based primarily on home equity and in the state of California, your ability to pay, among other factors. No minimum credit score is required.2 Payments can be spread out up to 30 years with no payments for up to a year or more, subject to underwriting guidelines, approvals and date of funding.
Depending on where you live, PACE financing can be used for improvements on commercial, residential, nonprofit, light industrial and agricultural properties. PACE helps communities at all levels: by lowering utility bills for property owners, increasing home values creating green jobs and helping local governments achieve important environmental goals.
What is PACE ﬁnancing?
PACE is different than many other financing options because the financing is an assessment on the property. Eligibility is based primarily on property equity as well as the value of the property, history of timely property tax payments, and other underwriting factors.2 Approval is also based on a property owner’s ability to pay. The financing is tied to the property instead of the individual, and is repaid over the financing term through your property taxes.
To date, PACE has been successfully used by over 220,000 residential and commercial property owners to improve their property's energy efficiency, lower utility bills, protect from hurricanes, and reduce their carbon footprint. By providing over $1 billion of private capital to more than 550 local communities, Ygrene has created thousands of jobs and invested millions into local economies across the U.S. Learn more at ygrene.com. Learn more about how PACE works here.
What types of improvements are eligible for Ygrene PACE ﬁnancing?
Ygrene can be used to pay for hundreds of energy-efficiency and renewable-energy upgrades for both home improvement and commercial projects. In certain states, storm protection improvements, electric-vehicle charging stations, water-conservation projects, and seismic retrofits are also eligible. You can find out which projects are available in your area here.
Some common improvements that Ygrene can be used for include solar, energy-efficient heating and cooling (HVAC) systems, windows, doors, roofing, insulation, ducts, pool pumps, water heaters, drought-tolerant landscaping, and water-conserving indoor plumbing repairs. Here is the full list of projects that Ygrene can finance by state.
How do I ﬁnd out if I qualify for Ygrene ﬁnancing?
It’s simple. First, check your eligibility. If your property is in one of our service areas, you can apply online and get a decision in 30 minutes or less.
Is Ygrene PACE ﬁnancing a traditional loan?
No, PACE is not a traditional loan, such as a personal loan, a home equity line of credit or a credit card. PACE financing is affixed to your property instead of you as a person, as happens with a traditional loan. This is why PACE has different underwriting factors than a traditional loan. Depending on what state you live in and the type of property you have, you may be required to provide additional documentation that demonstrates your ability to afford the payments of your financing terms.
How do I repay Ygrene’s PACE ﬁnancing?
After your project is completed, your PACE financing will be added as an assessment to your property, which will which will show up as a new line item on your property tax bill. This new tax payment will remain on your bill for the length of the term you selected when you completed your financing agreement. Simply pay your property tax bill in the same way you have previously — either when the bill arrives or via your impound/escrow account.
How often are Ygrene’s PACE payments due?
Payments are due on the same schedule and deadlines as your current property taxes. This applies whether you pay the tax bill directly or monthly through an impound or escrow account. Contact Ygrene Customer Care for more details.
Is PACE a discount program or government subsidy? Does it include a discounted rate or free services?
No, PACE financing is not a government discount, subsidy, or incentive program. Though PACE offers affordable interest rates, it does not offer discounts or free services. PACE is a type of financing used to pay for the cost of the property improvements.
PACE is a specialized financing program; before it can be offered to commercial and residential property owners in that service area it must first be adopted by the state government and then enabled at the municipal level. Once PACE is available in a particular area, private companies may offer PACE financing products such as Ygrene. The upgrades are completed by one of a network of independent contractors who offer PACE as a financing option to their customers.
The cost of your home improvement project is determined by your independent contractor, based on what their company charges for such services. PACE offers an avenue for homeowners to pay for those upgrades through affordable financing. The property owner voluntarily chooses to enter into a financing agreement, and is solely responsible for complete repayment, according to the financing terms.
Does ﬁnancing with Ygrene result in a tax lien?
Yes. When you accept Ygrene financing, you agree to make the PACE repayments as a part of your property tax. Ygrene PACE financing is then repaid with your annual property taxes and secured by a continuing, voluntary lien on the property. The lien is only in effect for the term of your financing and will not remain on your property once the financing is repaid.
What happens with PACE ﬁnancing if I sell my home or reﬁnance?
In some cases, PACE payments may transfer to the new owner. Keep in mind that PACE is a “first priority lien”, which means that it could be prioritized over a mortgage loan if the property owner were to default on payments. So while property taxes are legally transferable, some mortgage lenders may require full repayment (payoff) of your remaining PACE tax obligation as a condition of a refinance or sale. Ygrene has also given property owners the ability to pre-pay down their PACE assessment with no penalty. Although they will still incur the interest associated with the financing, homeowners can remove the PACE assessment through prepayment and sell their home.
Before obtaining PACE financing through Ygrene, you should consider the likelihood and timing of a possible sale or refinance (as well as the costs to prepay the tax obligation) to determine if PACE is right for you, and speak with your lender.
What additional protection do I get by ﬁnancing with Ygrene?
Ygrene offers an added layer of protection for our customers. After you receive your Finance Agreement, we will set a time for a Ygrene Financing Specialist to review the terms and conditions and answer any outstanding questions you may have prior to signing. We want you to feel confident that Ygrene is the right financing option for you.
We can also help you find reputable independent contractors in your area. We evaluate every contractor within our independent network extensively for quality of work, professionalism, and compliance with state regulations.
We release final payment to your contractor only after you’ve provided final approval on your project — an added measure for peace of mind that other forms of financing in the marketplace simply do not offer.
Can I buy down the interest rate on Ygrene ﬁnancing?
Yes, in certain states. Ygrene offers customers in California and Florida the opportunity to reduce or ‘buy down’ current interest rates with SelectRateSM. A lower, fixed-interest rate can not only save you money on your annual payment, but also reduce the amount of interest you pay over time.
When you choose SelectRate, you will pay a nominal fee (points) that will be added to the cost of your project and rolled into your financing in exchange for a 1- 2% reduction of your current rate. It’s important to note that if you’re planning to sell or refinance your home anytime soon, SelectRate may not be right for you. The longer you plan to own your home, the more buying down your rate upfront can help you save.
Can I lose my home as a tax payment?
Although repossessing a home is technically possible if tax payments are delinquent, Ygrene has never foreclosed upon a customer. However, your mortgage lender or local tax authority may choose to do so if your tax payment is not made after an extended period.
Where can I start my application to get approved for PACE ﬁnancing with Ygrene?
Find out if your property is eligible in seconds, then submit your application. You’ll receive an approval decision within 30 minutes, or call 866-634-1358 to speak to a customer service representative immediately.
1 Eligibility is based primarily on home equity.
2 While Ygrene does not consider your credit score, we will pull your credit to verify certain underwriting criteria.