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It’s important to us that you fully understand every aspect of your home improvement financing. Because as simple as we’ve made it, you may have questions. So, if you don’t find what you’re looking for here, please contact us.
What is PACE?
Property Assessed Clean Energy (PACE) enables low-cost, long-term financing for a variety of energy efficiency, renewable energy, water conservation, storm protection and seismic improvements. PACE financing is repaid as a special assessment/tax on the property’s regular property tax bill and is processed the same way as other local public benefit assessments (sidewalks, sewers) have been for decades.
Depending on where you live, PACE financing can be used for improvements on commercial, residential, nonprofit, light industrial and agricultural properties. PACE is lowering utility bills for homeowners, creating jobs and helping local governments achieve important environmental goals.
What is Ygrene?
Ygrene’s award-winning PACE program provides 100 percent, no money down PACE financing to help property owners make cost-effective energy efficiency, renewable energy, water conservation, safety and storm protection improvements to residential, multifamily, commercial and agricultural buildings. Eligibility is based on equity and your ability to pay, among other factors. No minimum FICO score is required. Payments can be spread out up to 30 years in some states, and your first annual payment may be deferred for up to one year or longer, subject to underwriting guidelines, approvals and date of funding.
What type of improvements are eligible for financing?
Ygrene can be used to pay for hundreds of PACE-eligible energy efficiency and renewable energy upgrades, including associated installation costs. In certain states, electric vehicle charging stations, water conservation improvements, storm/wind protection and seismic retrofits are also eligible for financing.
Some of the most commonly financed improvements are qualified solar systems, energy-efficient heating and cooling systems, windows, doors, roofing, insulation and ducts, pool pumps, water heaters, drought tolerant landscaping and water-saving plumbing repairs.
How do I qualify?
It’s easy. First, check your eligibility. If your property is in one of our service areas, you can apply online and get prequalified in minutes. Eligibility is based on equity and your ability to pay, among other factors—not your FICO score.
How do I pay for Ygrene financing?
A special assessment will be added to your property tax bill as a new line item. This new annual tax payment will remain on your bill for the length of the term you have chosen. Simply pay your property tax bill in the same format that you always have—either when the bill arrives or via your impound/escrow account.
How often are 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 whether you pay monthly through an impound or escrow account. Contact Ygrene Customer Care for more details.
What happens if I sell my home or refinance?
If you sell your property, payments may transfer to the new owner. Keep in mind that while property taxes are legally transferable, mortgage lenders or home buyers may require full repayment (payoff) of your remaining PACE tax obligation as a condition of a refinance or sale. So before obtaining Ygrene financing you should consider the likelihood and timing of a possible sale or refinance as well as the costs to prepay the tax obligation.
Does accepting Ygrene financing result in a tax lien?
Yes. When you accept Ygrene financing you agree to make the payments as a part of your property tax and just like other property tax obligations, your agreement to accept Ygrene financing results in a tax lien on your 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.
Is this a government program?
No. While PACE programs are enabled by state legislation and must be approved by local governments, Ygrene is not a government program.
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, it will 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% or 2% discount off current rates. Keep in mind, 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.