Press Release

Sacramento City Capitol

WHAT THEY ARE SAYING: Keeping PACE in California

August 23, 2018


Bi-partisan state leadership, business and environment leaders tout innovative energy and disaster resiliency financing program

Sacramento, CA – As a national leader in Property Accessed Clean Energy (PACE), Ygrene's ability to successfully navigate regulatory changes and leverage its strengths while growing a presence across California has contributed substantially to the company's progress in the industry. Ygrene is more committed than ever to expanding its PACE program to help property owners meet their energy efficiency and resiliency goals.

As PACE legislation works its way through the California legislature, state officials, business and environment leaders, and stakeholders continue to acknowledge that PACE financing, an energy financing innovation created in California, is helping state and local governments reach economic and environmental goals without impacting public budgets:

Jerry Brown, California Governor:

“PACE enables homeowners to buy solar panels, install low-flow toilets and make other smart investments that save energy and water without breaking the bank…As California confronts a severe drought and a rapidly changing climate, this program gives homeowners another opportunity to do their part." Read more

Mike Thompson, U.S. Congressman (CA-05):

“PACE financing is voluntary, costs nothing to taxpayers and has been overwhelmingly successful for nearly 200,000 American homeowners…Homeowners who have taken advantage of the program will collectively save nearly $1 billion on their utility bills during the lifetime of their completed PACE projects. California is set to save more than 10 billion gallons of water and reduce carbon dioxide emissions by more than four million metric tons because of PACE. As an added bonus, PACE has created more than 40,000 jobs, reinvigorating many local economies.” Read more

Nancy Skinner, California State Senator (SD-09):

“As a champion of PACE, I know firsthand that it is unmatched in providing homeowners green financing for improvements such as energy-efficient heating, ventilation and air conditioning systems, insulation, water pumps and lighting. California PACE-financed projects are on track to save more than 10 billion gallons of water and reduce carbon dioxide emissions by over 4 metric tons. As PACE continues to grow, the benefits it can yield are substantial.” Read more

Libby Schaaf, Mayor of Oakland:

“…Property Assessed Clean Energy (PACE) financing has not only accelerated the adoption of clean energy and efficiency technologies, it’s helped thousands of Oaklanders make home upgrades without crashing into those large financial barriers…These upgrades can save people money on their utility bill in the long run. But in the short term, they can also dramatically improve people’s lives and help keep them rooted in their communities.” Read more

Kevin L. Faulconer, Mayor of San Diego:

“California leads the country in solar jobs, and San Diego is second only to Los Angeles, with more than 11,000 solar jobs, which are growing 17 times faster than the national job average. We are number one in rooftop solar installations in the country because San Diegans see a financial benefit in powering their homes and businesses with renewable energy. San Diego has attracted $770 million in clean-tech venture capital funding in the previous two years… I have ensured that San Diegans have access to low-cost financing for renewable energy upgrades, called Property Assessed Clean Energy financing.” Read more

Julian Canete, President & CEO, California Hispanic Chambers of Commerce:

“We know California’s climate goals are of mammoth proportion. We also know the success of those goals will lie in many small, but significant steps that give every Californian – including its small and Hispanic-owned businesses – a chance to live green, increase revenue and ultimately contribute to the target set by law...”

“One of the smaller but impactful steps to achieving this goal involves an innovative financing program known as PACE (Property Assessed Clean Energy) which is enabling millions of Californians to become more energy efficient and resilient through property improvements. From air conditioners and windows to seismic readiness, PACE is helping thousands of residents realize improved property values, save on energy costs and, for businesses, boost their bottom line.” Read more

Carl Pope, Former Executive Director of the Sierra Club and Current Vice-Chair of America’s Pledge:

“Since its introduction a decade ago, PACE financing has used only private capital to improve more than 200,000 homes while creating tens of thousands of jobs…PACE is playing an important role in California’s plan to meet its greenhouse-gas reduction goals by promoting greater adoption of energy-efficient and renewable-energy technologies in the residential sector. Strengthened by new consumer-protection laws, PACE is now key to keeping California’s housing costs and climate risk down at the same time.” Read more

Mary Leslie, President of the Los Angeles Business Council:

“As the President of the Los Angeles Business Council (LABC) representing over 450 businesses focused on energy, economic development, housing and transportation, I’ve seen firsthand how PACE financing is powering our local and state economies while improving the lives of California homeowners.” Read more

Tom Scott, former State Executive Director for National Federation of Independent Business, California:

“Simply put, PACE works. Without it, small business owners would continue to see unending spikes in their energy bills, leaving a devastating impact on their bottom line. We know when small businesses thrive, California thrives. PACE is an important part of the puzzle in contributing to California’s economic well-being while meeting the state’s climate change goals.” Read more

Bill Lockyer, Former California State Treasurer:

"PACE financing gives homeowners a practical and affordable way to save energy, reduce global warming and improve our air quality while adding to the value of their property." "The loss reserve program should allow PACE financing to flourish." Read more

David Hochschild, Commissioner, California Energy Collective:

“One of the most important policies helping California build a clean energy future is Property Assessed Clean Energy (PACE). This program enables local property owners to finance the total cost of certain efficiency and clean energy upgrades – like solar panels and efficient heating and cooling systems ­– and then repay those costs through their property tax bills. By removing the barrier of high up-front costs and providing longer repayment term options that lower the effective monthly payment, PACE is making it easier for Californians to make smart investments that reduce their energy and water use. PACE programs have now expanded to 50 out of 58 counties in the state and are available to the majority of Californians.” Read more

Kate Meis, Executive Director, Local Government Commission and Steve Hansen, District 4 Sacramento City Council:

“Public-private partnerships can reduce utility bills for businesses and homeowners across the state. The Property Assessed Clean Energy program is available to 90 percent of California households, and has already helped invest $2 billion in completed projects and create more than 16,000 jobs.” Read more

 

Dilip Khatri, Ph.D., S.E., Principal of Khatri International Inc, Civil and Structural Engineers:

“…as costs continue to increase for seismic improvements, PACE serves a critical need, and alleviates some financial pressures, for building owners having to retrofit their home now. Recent legislation has also ensured there are greater consumers protections for PACE in California, a move that looks to strengthen the overall program.” Read more

The full list of jurisdictions where Ygrene’s PACE program has been approved can be found here.

About Ygrene

Ygrene is a national leader in residential and commercial energy efficiency and resiliency project 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 69,000 property owners in over 600 communities, creating thousands of jobs and investing millions into local economies across the U.S. While PACE programs are enabled by state legislation and must be approved by local governments, Ygrene is not a government program. Learn more at ygrene.com .

Contact:
Joaquin McPeek, 916-599-4166
joaquin.mcpeek@ygrene.com