June 7, 2012
City is most recent South Florida community to sign on with groundbreaking energy upgrade program
CORAL GABLES, FL -- Ygrene Energy Fund Florida, a provider of energy retrofit programs for local governments throughout the state, today welcomed the City of Coral Gables to South Florida's Green Corridor PACE District. The unanimous vote makes Coral Gables the most recent of seven communities in Miami-Dade County, including the City of Miami, to become part of the groundbreaking Green Corridor District and tap into more than $550 million of private capital funding for commercial building energy upgrades and wind hardening.
Ygrene Energy Fund Florida, along with its parent company Ygrene Energy Fund, partners with local governments nationwide to streamline financing, administration and implementation of renewable energy, energy efficiency and hurricane protection building improvement projects. Its locally designed financing solution offers property owners private funding for building energy upgrades at no installation cost, repaid through property tax assessments.
"This decision by the city of Coral Gables completes the most ambitious energy upgrade initiative in the U.S. to date, extending immediate financing to an area with more than 500,000 residents across South Florida," said Joe Spector, director of operations for Ygrene Energy Fund Florida. "We look forward to creating jobs that can't be outsourced and driving economic recovery—without a dime of public funding."
Clean Energy Green Corridor not only facilitates project upgrades for building owners, but also adds to significant economic revitalization in Miami-Dade County. More than 80 contractors, architects, engineering firms and energy advisers have already signed up to take advantage of Ygrene's program and lead generation training, marketing materials and streamlined project payment mechanisms. Ygrene's program will have a significant impact on Florida's economy, with commercial renewable energy and efficiency projects contributing more than 8,250 new jobs and generating close to $837 million in economic output over the next five years.
Program guidelines ensure that utility savings resulting from property improvements pay for themselves by exceeding the overall costs of the project. Performance guarantees made possible by Energi Insurance Services ensure optimal performance after installation, leading to an increase in building value and a valuable payback on investment.
Building owners and contractors within designated jurisdictions in Miami-Dade County's Green Corridor District can sign up online to receive updates on program launch timelines, as well as upcoming contractor training events. Visit the Clean Energy Green Corridor website for more information and to sign up as a contractor: cleanenergygreencorridor.com.
About Ygrene Energy Fund Florida
Ygrene Energy Fund Florida, headquartered in Tampa, is the leading developer and administrator of energy efficiency retrofit financing programs throughout the state. In partnership with Barclays Capital, Lockheed Martin and Energi, Ygrene has unlocked $550 million of private funding for affordable, immediately accessible financing for commercial and residential energy upgrades and wind hardening at no upfront costs. Over the next five years, Ygrene-funded renewable energy and efficiency projects are projected to bring more than 8,250 stable jobs and $ 1.375 billion in economic activity to Florida and nationwide. Learn more at ygrene.us and cleanenergygreencorridor.com.