October 3, 2016
Political and industry leaders expand access to seismic retrofit upgrades through Property Assessed Clean Energy (PACE) financing
SANTA ROSA, CA — In a pivotal win for consumers and the PACE industry, Ygrene Energy Fund today announced Governor Brown has signed state bill AB 2618, to usher in statewide seismic retrofit financing. The bill, sponsored by Assemblymember Adrin Nazarian (D-Van Nuys), will expand access to seismic retrofit financing under California’s foremost climate and energy financing mechanism and will go into effect January 1, 2017.
"The tragedy we have witnessed in Italy from earthquake-vulnerable buildings is an urgent reminder that we must do everything possible to seismically protect property and save lives,” stated Assemblymember Nazarian. “AB 2618 will bring parity to all types of PACE programs and provide Californians with a greater number of options to affordably finance life-saving seismic safety improvements to their homes.”
Already at the forefront of energy efficiency and water conservation financing, Ygrene is committed to providing critical resiliency retrofits for Californians. Through AB 2618, seismic strengthening improvements such as external post-tensioning, base isolation, and supplementary dampers will be covered under California’s principal PACE enabling legislation, SB 555. For at-risk homes and communities, this legislation will unlock millions in financing to support California’s sustainability against seismic threats.
PACE in Action
To date, the award-winning Ygrene program has been approved in 305 communities and has completed more than $633 million in contracts nationwide, producing more than $1.3 billion in economic stimulus, 8,150 jobs and 34MW of solar installed. Together these projects have saved 2.3 billion gallons of water and enough energy to power 537,036 homes for a full year, while also keeping 652K metric tons of CO2 from entering the atmosphere.
Ygrene is a leader when it comes to safe, transparent PACE financing with a high level of commitment to customer protections. Working alongside the California Association of Realtors, the California Mortgage Bankers Association, and other PACE industry providers, Ygrene paved the way for the passing of California Assembly Bill 2693 on August 30, 2016—establishing uniform disclosures for consumers of PACE programs. From application through approval, construction, project completion and funding, Ygrene’s customer protection policies ensure consumers are supported every step of the way with its complete set of contractor certification, underwriting, consumer disclosure, data security and senior protection policies. For more information, view or download Ygrene’s Customer Assurance and Protections.
“Providing property owners greater choice and access to affordable financing for seismic retrofits is a landmark victory for the PACE industry and for California. We’d like to extend our deepest thanks to everyone who collaborated on AB 2618 which will enable our communities to be safer and more resilient,” said Stacey Lawson, President and CEO of Ygrene Energy Fund.
About Ygrene Energy Fund
Ygrene Energy Fund is the nation's leading provider of residential, multifamily, and commercial property assessed clean energy financing. The award-winning, privately funded Ygrene program provides immediately accessible financing with no upfront payments for energy efficiency, renewables, and, in certain areas, water conservation, hurricane protection, electric vehicle charging stations and seismic upgrades. Ygrene is committed to making it easy for property owners to invest in their future and a healthier environment. Over the next five years, Ygrene is projected to create tens of thousands of local jobs and invest billions of dollars into local economies.