C-PACE program has supported over 1,000 jobs since 2013; funding expected to double in 2018
PETALUMA, Calif. - Ygrene, a national leader in energy efficiency and resiliency financing, announced today it has provided nearly $75 million in financing for commercial building improvements to 460 small businesses in California and Florida. Ygrene's commercial property assessed clean energy (C-PACE) program provides the commercial, industrial and multi-family property market, with a focus on small- and mid-sized property owners, access to affordable, long-term financing for upgrades to their buildings.
Since 2013, Ygrene's C-PACE financing has supported over 1,000 jobs and led to $146 million in utility savings for property owners. The announcement comes during National Small Business Week, which supports and recognizes the contributions of America's entrepreneurs and small business owners.
"Small businesses represent the backbone of our economy," said Rocco Fabiano, President and CEO of Ygrene. "C-PACE is helping business owners across the country boost the resiliency of their property, save on their utility bills and improve their bottom line. By expanding C-PACE, we are providing affordable financing to those who need it the most – small businesses that keep Americans working and our economy thriving."
U.S. small businesses currently spend over $60 billion a year on energy and 25 percent claim energy is one of the two or three largest business costs they incur. With an average financing of $150,000 per project – a majority of which are renewable energy and energy efficiency improvements – Ygrene's C-PACE financing is providing a money-saving solution for small business owners. To date, Ygrene has financed over 600 commercial projects in the U.S.
“Economic drivers such as C-PACE are helpful tools for small business growth and local job generation,” said John Kabateck, National Federation of Independent Business, California, State Director. “We applaud programs like C-PACE, in coordination with companies like Ygrene and others, that allow for effective, free-market activities to help them grow.”
C-PACE also enables retrofits that boost resilience to natural disasters—like hurricanes and earthquakes—that keep small and medium-sized business buildings operational, and employees and tenants secure. It is currently available throughout California and Florida. Building on its success, Ygrene expects to fund $60 million in projects in 2018, more than doubling Ygrene's C-PACE financing from 2017.
The full list of jurisdictions where Ygrene's C-PACE program has been approved can be found here.
Ygrene is a national leader in residential and commercial clean energy 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 500 local 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.
Joaquin McPeek, 916-599-4166