Ygrene Energy Funds Florida has announced funding for the first Property Assessed Clean Energy (PACE) projects in the state. The Ygrene program provides residential and commercial property owners with access to low-cost, low-risk capital to implement building upgrades, including hurricane protection, energy efficiency and renewable energy projects.
The PACE-financed projects are non-recourse financing repaid via annual property assessments over a 20-year period. “This is a breakthrough event for the state of Florida and the nation—one that demonstrates the path toward economic revitalization and reduced energy consumption,” said Stacey Lawson, CEO of Ygrene.”Florida governments and property owners will see immediate and lasting results through the PACE program, and Ygrene is the first administrator in the state to demonstrate the viability of this model.”
Ygrene has multiple programs under development across Florida. The company’s first Southeast Florida program, Clean Energy Green Corridor, is a partnership with the cities of Miami, Coral Gables, Cutler Bay, Miami Shores, Palmetto Bay, Pinecrest and South Miami. For the Green Corridor program, Ygrene has already trained and certified more than 200 local contractors to administer upgrades and provide job opportunities throughout the region.
“With all the promises of PACE over the past few years, it’s exciting to see the first projects come to life,” added Mayor Tomas Regalado. “The PACE program has the potential to address three critical needs in our state: hurricane protection, job creation and rising energy costs. The doors are finally opening on this huge opportunity, and I commend Ygrene and the cities involved in this endeavor for their commitment and vision to enact meaningful change in our communities.”