The first PACE financing pilot program was approved in
Berkeley, Calif. in 2008—a year later, it promised to change the world. Scientific
American named PACE one of the top 20
world-changing ideas in 2009, foreshadowing a shift in the way homeowners
improve their properties.
PACE stands for property assessed clean energy, meaning the
amount financed is not attached to an individual but instead to his or her
property. PACE allows homeowners to leverage their home equity to finance an
array of upgrades that save energy, utilize renewable sources or protect
against hurricanes and natural disasters. The amount financed is then added to
the annual property tax bill and repaid over time—up to 20 years.
This innovative structure makes it easy for property owners
to obtain long-term financing for up to 100 percent of their project (including
installation) with no upfront costs.
YgreneWorks’ Impact
in the Sunshine State
In 2013, Ygrene funded
its first project in the Sunshine State.
Launching first in six cities in Miami Dade County, the YgreneWorks program
paved the way for statewide adoption. While PACE is not a government program, PACE
programs are enabled by state legislation and must be approved by local
governments before they can be administered.
Four years since its Florida inception, Ygrene’s PACE program has generated nearly
$700 million in economic stimulus while creating or sustaining 4,180 jobs (as
of July). Aside from the communitywide impact, PACE benefits each participating
homeowner. Improving a home’s energy efficiency can help lower high utility
bills, while increasing comfort and reducing greenhouse gas emissions, reports
the EPA. Therefore, installing impact-resistant windows to protect against high
winds may result in lower utility bills, lower insurance premiums and increased
property values.
Creating a Storm-Resistant
Home
South Florida residents Paul
and Rasha Cameau suffered damage to their home back in 2005 when Hurricane
Wilma made landfall near Cape Romano, Fla. with winds at 120 mph. Their windows
and roof eventually needed replacing, and the couple turned to Ygrene to help
finance these improvements, plus a new HVAC system.
“Living in this hurricane-prone region makes home insurance
expensive,” said Paul Cameau. “Ygrene’s financing made protecting our home with
new impact windows and doors and a new roof affordable. Now our house is
protected, and we are saving $3,700 in insurance premiums every year.”
PACE does not require a minimum credit score to qualify.
Therefore, this financing tool makes energy and climate resiliency projects a
reality for more homeowners. In some cases, PACE is the only means for making
home upgrades.
Above all, Ygrene is committed to making it easy for
property owners to invest in their future and contribute to a healthier
environment. Throughout the next five years, YgreneWorks’ PACE program is
expected to create tens of thousands of jobs and invest several billion dollars
into local economies.
Stop by the
Ygrene Energy Fund booth to learn more about PACE financing, and find out if
this innovative financing option is available in your area.
