September 9, 2011
Cutler Bay chooses industry leader Ygrene to administer the state's first Property Assessed Clean Energy (PACE) contract, as a foundation for Miami-Dade Green Corridor expansion
CUTLER BAY, FL - Ygrene Energy Fund Florida, a subsidiary of nationwide Ygrene Energy Fund, recently signed a landmark agreement with the Town of Cutler Bay to provide no-risk administration of Florida's first-ever PACE program. Property Assessed Clean Energy is a key ingredient as Cutler Bay leads a consortium of cities toward creation of a Green Corridor district for Miami-Dade County. PACE operates under State law and allows property owners to finance energy efficiency, renewable energy and wind-hardening retrofits on their buildings. Besides benefiting property owners through reduced energy and insurance bills, the programs provide local jobs, stimulate the local economy and help participating cities achieve their environmental goals.
Ygrene Energy Fund Florida won the publicly bid Cutler Bay contract with its cost-free setup, and with a unique financing arrangement through Barclays Capital that ensures a virtually unlimited flow of private capital to fund demand throughout the country. PACE participants secure the financing with a voluntary property assessment, which is then repaid through their property tax bill over terms as long as 20 years.
"PACE is a win-win: Property owners can save money, increase the value of their homes and help support local job growth," said Steve Alexander, Cutler Bay Town Manager. "Program guidelines ensure that property owners will save more money on their energy bills than the cost of the project."
The Miami-Dade County municipalities of Coral Gables, Palmetto Bay, Pinecrest, Miami and South Miami are proposing to join Cutler Bay as members of a Green Corridor district, created to encourage renewable energy and upgrades for storm damage prevention.
Besides reducing energy demands and costs for property owners, Green Corridor PACE programs offer a number of benefits -- especially job creation. Ygrene Florida projects that every $40 million spent on projects results in 600 permanent local jobs. The flow of program money also stimulates local economies. With a multiplier effect, every $40 million of new financial investment adds approximately $100 million to the local economies and as much as $10 million in tax revenue.
Ygrene offers a distinct advantage to cities and counties interested in PACE programs, with its risk-free turnkey set-up, solid administrative expertise and local focus. Most importantly, Ygrene's innovative model ensures easily accessible, low-interest financing for energy efficiency, renewable energy and wind-hardening projects for property owners in participating cities.
"Cutler Bay has worked tirelessly to make this program happen, and should be congratulated for their vision," said Dan Schaefer, President of Ygrene Energy Fund. "Ygrene is proud to be a part of this landmark initiative that offers attractive job creation and energy savings benefits to the entire Green Corridor district."