August 20, 2020
Leading PACE Provider Invests over $2 Billion in Communities across the Country, Providing a Vital Financing Option to Make Energy Efficiency and Property Protection Upgrades
(Petaluma, Calif.) - Ygrene, the nation’s leading PACE (Property Assessed Clean Energy) provider, today announced that it has surpassed $2 Billion in PACE investment in local communities across the country. PACE financing through Ygrene provides homeowners and small-and-medium-sized businesses vital access to affordable, long-term financing for energy and water efficiency, renewable energy, and natural disaster protection improvements.
“When we launched Ygrene’s PACE program, we brought to market an innovative, affordable new tool for homeowners and small-and-medium-sized businesses to make critical upgrades to their properties. After a decade and $2 billion in local investments, it’s clear PACE has become an essential public policy tool for local communities,” said Dennis Hunter, Founder and Executive Chairman for Ygrene. “As we grapple with the effects of the pandemic and its impact on our economy, Ygrene’s mission is more important than ever, helping consumers make their homes more safe and secure, all while saving money on utilities, insurance premiums and disaster mitigation. What’s more, PACE through Ygrene spurs local investment, combats climate change, and protects property owners every step of the way, unlike other property improvement financing options.”
“PACE through Ygrene has played a critical role helping property owners in my city and across the state of Florida get the financing they need for property upgrades, while at the same time help to build more resilient communities,” said Vince Lago, Coral Gables Vice Mayor. “State and local budgets are more strained than ever before, and public-private partnerships like Ygrene’s PACE program are putting critical investment dollars to work to create jobs, stimulate economic growth and invest in a brighter, cleaner future.”
“As Executive Director for the Golden State Finance Authority, which oversees the largest PACE program in the country, we’ve seen first-hand the growth of PACE: from an innovative financing tool for property owners to an essential public policy for communities across our state,” said Greg Norton, Executive Director of the Golden State Finance Authority. “We congratulate Ygrene on this historic milestone and look forward to continuing our important partnership administering the Ygrene PACE program in California.”
“PACE providers, like Ygrene Energy Fund, are a key part of the success story of green jobs created by the solar and energy storage market in California,” said Bernadette Del Chiaro, Executive Director of the California Solar & Storage Association. “Given the Covid-19 crisis and threat of wildfires, it is critical that we continue to use proven, effective policy tools to advance the green economy such as Ygrene's PACE financing option on resiliency projects for homeowners and businesses throughout California.”
“Economic recovery, today, is paramount—and in the City of St. Louis, Ygrene’s PACE program has helped solve access to capital issues for those who need it the most,” said Pat Justis, President of the City of St. Louis Clean Energy Development Board. “Providing an innovative financial tool such as PACE to upgrade and invest toward energy efficiency is why this program is so important for community and economic development.”
Leading research out of the University of Southern California and the University of South Florida shows PACE is a proven solution to help combat the impacts and costs of natural disasters and climate change, while creating jobs and providing huge positive economic impact boosting local and state economies. In fact, PACE projects financed by Ygrene across the nation have created more than 37,000 jobs and created more than $4.3 billion in local economic stimulus. PACE projects financed by Ygrene are also expected to save property owners over $1.4 billion in insurance costs over the lifetime of their improvements. Ygrene and PACE are also playing a crucial role protecting the environment, installing more than 100 megawatts of clean solar energy and reducing carbon emissions by more than 2 million metric tons, the equivalent of taking more than 432,000 cars off the road for a year.
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.