Coachella Valley Association of Governments Commissions PACE District
August 5, 2013
County and 10 cities of Coachella & Palo Verde Valleys partner with Ygrene Energy Fund to bring energy upgrade financing to property owners
PALM DESERT, CA - The Coachella Valley Association of Governments (CVAG) has officially formed a Property Assessed Clean Energy (PACE) financing district in partnership with Ygrene Energy Fund, a leading provider of clean energy finance programs for local governments. All 10 cities within CVAG and the County of Riverside have opted into the district, which will make clean energy financing available to commercial and residential property owners across the region and enable property upgrades with zero upfront costs.
With the creation of this district, local property owners will be able to finance energy efficiency, renewable energy and water conservation upgrades with no upfront costs, repaid in installments via incremental property taxes. Local property owners will be able to connect with authorized independent local contractors via Ygrene's turnkey online hub to start projects upon program launch. According to independent research, each $100M spent under Ygrene's programs can generate $250M in economic activity, 1,500 local jobs and $25M in local tax revenue.
"I applaud CVAG and its members for their efforts to make it simple and straightforward for any local property owner to finance building energy improvements with no upfront costs, all while revitalizing the local construction industry," said Stacey Lawson, Ygrene CEO. "We're very excited to get to work."
This news comes on the heels of Ygrene's Clean Energy Sacramento announcing the financing of the largest PACE project in history—a $3.16M commercial retrofit in downtown Sacramento.
Ygrene was selected by CVAG after a competitive selection process by offering the lowest financing costs and a strong local presence. Ygrene and CVAG are now moving forward to schedule training sessions for local contractors, initiate program marketing to property owners across the regions and establish a Ygrene Energy Center to serve as a hub for informational sessions and community activities in advance of program launch.
"We are fortunate to have Ygrene as our partner in making this important program available to property owners and contractors across Coachella and Palo Verde Valleys," said Mayor Don Adolph, CVAG Chair. "This program offers property owners across the region an opportunity to upgrade their buildings, reduce their utility bills and boost their property values without any taxpayer money."
About Ygrene Energy Fund
Ygrene Energy Fund is the leading developer and administrator of clean energy financing programs throughout the United States. Ygrene's fully funded Clean Energy Programs provide privately funded and immediately accessible financing for renewable and energy efficiency upgrades to both commercial and residential 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 and invest hundreds of millions into local economies. Learn more at ygrene.us.