Yesterday Ygrene Energy Fund announced that Broward County and the cities of Miami Beach and Miramar in Florida have chosen its Property Assessed Clean Energy (PACE) program to provide funding for home and business owners who are seeking to install solar PV systems or make energy efficiency or hurricane protection upgrades. Additionally, the program was approved in Stockton, California.
PACE is a program whereby property owners can finance improvements including energy efficiency upgrades and installing solar directly through their property taxes, as a lien against their property.
Ygrene offers a PACE program for both homes and business properties, which has already been selected by more than 270 cities and counties in California and Florida. The company claims to have financed over 90% of all Florida PACE projects, totaling $77 million in upgrades.
The company notes that the number of projects in Florida which have been financed with its YgreneWorks program have tripled over the last year, and says that as a result of the increased volume it is setting up a new call center in Florida to handle requests.
The company says that it expects demand to continue to increase. “As demand for energy and weather-related upgrades continues to rise, we look forward to continuing to expand our operations and services in the Sunshine State to help our property owner, contractor, and elected official partners build strong, resilient communities,” notes Ygrene CEO Stacey Lawson.
PACE programs nationally received a boost earlier this month when the Obama Administration announced new federal guidance for PACE financing and the sale and transfer of properties with PACE loans, as the centerpiece of his Clean Energy Savings for All Initiative.