November 19, 2018
Florida’s largest PACE program is now available to nearly 12 Million Floridians
MIAMI, Fla. – Ygrene, a national leader in energy efficiency and resiliency financing, announced today that it has provided more than $500 million in project funding for over 21,600 homeowners across Florida since launching its program in 2013. Ygrene’s Property Assessed Clean Energy (PACE) program, through partnership with local governments, provides property owners access to affordable, private financing for hurricane protection, renewable energy, and energy efficient home and building improvements.
Ygrene’s PACE financing program is currently available in more than 170 communities across Florida. According to some preliminary research findings out of the University of Southern California’s Sol Price School of Public Policy, Ygrene funded hurricane resilience improvements are estimated to result in over $500 million in avoided future hurricane disaster losses and over $700 million in potential insurance premium savings over the next 20 years. Florida has the highest property insurance premiums in the country, which can be two-to-three times the national average, and the Citizens Property Insurance Corporation found that the statewide average wind mitigation credit for property owners was $1,454 annually ($4,150 for commercial-residential policies).
As Florida’s largest provider of PACE financing, Ygrene now provides nearly 12 million residents with access to affordable financing options they can use to strengthen and protect their properties from severe storms and high winds, as well as save on energy costs. Just in 2018 alone, a total of 18 communities in Florida have adopted the company’s PACE program, including two counties and four cities just this month, protecting over two million more Floridians in 2018 alone and bringing our program to over 170 communities.
“The completion of $500 million and nearly 24,000 projects in Florida is a key milestone for our company and a momentous achievement towards our goal of helping create stronger, more resilient communities in Florida,” said Mike Lemyre, Senior Vice President at Ygrene. “We are focused on providing ease, access and strong consumer protections while offering property owners affordable options to make storm and hurricane preparedness upgrades. Florida will be much better prepared for hurricanes and flooding by embracing community-wide plans to make storm preparedness improvements to residential and commercial properties, rather than by taking a piecemeal approach.”
In addition, PACE and Ygrene have generated hundreds of millions in economic output, helped create and sustain thousands of good paying jobs, cut more than 520,000 metric tons of CO2 emissions, and saved homeowners over $100 million in lifetime utility costs.
Ygrene is helping communities across the nation fund projects to meet their energy efficiency and resiliency goals. The full list of Florida jurisdictions where Ygrene’s PACE program has been approved can be found here.
Ygrene’s award-winning PACE program, with built-in consumer protections, is delivering greater choice for home and business owners by providing accessible and affordable financing for energy efficiency, resiliency, 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. By providing over $1 billion of private capital to more than 550 local communities, Ygrene has created thousands of jobs and invested millions into local economies across the U.S. Learn more at ygrene.com.