June 11, 2020
Leading PACE Provider Invests over $1 Billion in California, Providing a Vital Financing Option to Make Energy Efficiency and Resiliency Upgrades
(Petaluma, Calif.) - Ygrene, the nation’s leading PACE (Property Assessed Clean Energy) provider, today announced that it has surpassed $1 Billion in PACE investment in the state of California. PACE financing through Ygrene provides homeowners and businesses vital access to affordable, long-term financing for energy and water efficiency, renewable energy, and natural disaster resiliency improvements.
“Passing this historic, billion-dollar milestone in California demonstrates Ygrene’s ability to deliver massive investment of private capital in support of an essential public policy that stimulates local economies and puts Americans back to work,” said Jim Reinhart, Ygrene’s Chief Executive Officer. “Now is the time to expand PACE programs like Ygrene’s that protect homeowners with the strongest consumer protections in the industry, including built-in contractor oversight and leading customer satisfaction.”
“Ygrene surpassing $1 billion in investment in California is a huge milestone for the PACE industry,” said Colin Bishopp, Executive Director of PACENation. “PACE is a critical tool with the strongest consumer protections in the industry that property owners and public officials can use to save energy, reduce pollution, and create local jobs. We look forward to the next billion in PACE investment in local communities to create a healthier, more resilient state.”
“The popularity and success of the PACE program in Sonoma County and throughout the state show that Californians are eager to make improvements on their homes that can work to counteract climate change,” said James Gore, Sonoma County Supervisor and First Vice President of the CA State Association of Counties. “I’m grateful that we have partners such as Ygrene to implement this important program in support of homeowners and communities throughout the state.”
“Smart policies, like PACE financing, combined with the entrepreneurship and innovation of companies like Ygrene, will allow California to develop an economy and infrastructure that are clean, affordable, resilient, equitable, and safe,” says Ann Hancock, Co-Founder and Chief Strategist of The Climate Center. “Ygrene is a great example of a speed and scale climate solution, demonstrating that we can create a climate-safe future while generating good jobs and stimulating the economy.”
PACE is a proven solution to help combat the impacts and costs of climate change while creating jobs and providing a huge positive economic impact boosting local and state economies. In fact, PACE projects financed by Ygrene across California have created more than 11,600 jobs and created more than $1.8 Billion in local economic stimulus. Ygrene and PACE are also playing a crucial role in protecting California’s environment, conserving more than 3.6 billion gallons of water and reducing lifetime CO2 emissions by more than 1.3 million metric tons, equivalent to taking more than 280,000 cars off the road for a year.
PACE comes at no cost to local governments and provides a valuable option for families and businesses to invest in the efficiency, sustainability, and resiliency of their properties. Homes and businesses with fire-resistant roofs and windows are better prepared to withstand and survive the devastating impact of wildfires, earthquakes, and climate change. That means more businesses remaining open, more working families feeding the local economy, and more stable property and sales tax revenue which funds essential local government services.
PACE financing offers homeowners the strongest consumer protections and contractor oversight in the home improvement finance industry. Homeowners receive all of the program disclosures and participate in a verification call that confirms their understanding of the terms of the financing. Alternative forms of home improvement financing like credit cards and bank loans have far fewer consumer protections built into them, as well as higher terms and fees. PACE’s consumer protections, underwriting standards, and overall customer service far exceed that of other financing products in the home improvement market.
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 $1.9 billion of private capital to more than 550 local communities, Ygrene has created tens of thousands of jobs and invested millions into local economies across the U.S. Learn more at ygrene.com.