October 31, 2019
Innovative Public-Private Program Makes Sustainability and Resiliency Upgrades Affordable and Safe for Property Owners
PETALUMA, Calif - Ygrene Energy Fund, a national leader in energy efficiency and resiliency financing, today released A PACE Enabled World, a report demonstrating how Property Assessed Clean Energy (PACE) financing has become an essential public policy that is generating significant resiliency, economic, and environmental benefits for communities.
Leveraging a municipal financing mechanism, PACE is an innovative public-private partnership model that makes residential and commercial property upgrades in energy and water efficiency, renewable energy, and natural disaster mitigation financially accessible.
"Over a decade ago we set out to make green energy and resiliency upgrades affordable for all Americans – while protecting the customer every step of the way," said Dennis Hunter, Executive Chairman of Ygrene Energy Fund. "From strengthening communities against the threat of intensifying natural disasters to sparking growth in local communities, A PACE Enabled World highlights how PACE financing has transitioned from an important program to essential public policy in Florida. By unlocking the potential of PACE, we can harness its power to help homeowners and businesses take advantage of its tremendous benefits."
The report shows that, over the lifetime of the improvements installed, the PACE industry has had a significant impact on the economy, environment, and livelihoods of millions of Americans, including:
- Job creation: 92,000 job-years
- Gross economic output: $11 billion
- Energy saved: 18 billion (kWh-e)
- Carbon reduction: 5 million metric tons
If PACE were expanded throughout the United States, this impact would be far greater.
"PACE has proven to be a reliable and effective program that enables property owners to protect their homes from natural disasters, save on their energy bills, and reach their sustainability goals," said Guy McClurkan, Executive Director of Clean PACE, a Florida nonprofit dedicated to the protection of PACE consumers. "The industry also has some of the strongest consumer protections in the home improvement financing market – and Ygrene is the gold standard."
Alternative forms of home improvement financing, such as credit cards and bank loans, do not include as many built-in consumer protections, and are often associated with higher terms and fees. Ygrene's commitment to transparent and flexible financing begins with each consumer's application and continues through project completion, approval, and post-project support.
"The need for innovative market-based policy solutions is crucial to bringing the United States into the clean energy economy of the future," said Colin Bishopp, Executive Director of PACENation, a national nonprofit working to expand access to PACE financing. "Without policies and financing models like PACE, the ability to ensure economic and environmental prosperity for generations to come will be significantly hindered."
A complete copy of the report 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 $1.7 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.