SACRAMENTO, Calif., March 8, 2018 /PRNewswire/ -- The City of Sacramento and Ygrene, a national leader in energy efficiency and resiliency financing, today celebrated five years since the launch of the nation's first comprehensive, privately-funded energy financing program for both residential and commercial buildings. Known as PACE (Property Assessed Clean Energy), the program formerly called 'Clean Energy Sacramento' has now become a national model, expanding to over 500 cities and counties across the U.S.
"Sacramento was ahead of the curve when it launched PACE right here five years ago," said Sacramento Vice Mayor Steve Hansen. "Through the PACE program, we have shown that good public policy can improve our environment, create jobs, save residents money, and help our city exceed its carbon reduction goals. Ultimately, Sacramento is proving that the idea of being more energy efficient is both a pragmatic and lifestyle choice, and not a luxury, that everyone should be able to adopt."
Since its Sacramento launch in 2013, Ygrene has funded more than 2,500 projects in the city, of which over 90 percent are residential, to the tune of more than $55 million. Nearly 700 jobs have been created and almost 55,000 metric tons of CO2 have been abated.
"Sacramento has become the model for PACE partnerships and Ygrene's focus on local government priorities. Its rapid growth since our start five years ago proves that the program is working," said Ygrene CEO Rocco Fabiano. "We look forward to continuing our partnership with Sacramento and expanding PACE to other cities to help them achieve their resiliency and energy efficiency goals."
The inaugural project, financed through Ygrene on March 8, 2013, upgraded the chiller at 520 Capitol Mall. The $513,000 project was projected to reduce costs to building management by $47,000 a year for 25 years, all while improving property value more than the cost of the project. According to news reports, 520 Capitol Mall sold for $28 million in 2016.
PACE continues to represent one of the best examples of a public-private partnership, designed to promote choice, allow homeowners to upgrade their home and generate local jobs. To date, Ygrene has provided over $1 billion of private capital to more than 500 local communities, creating thousands of jobs and investing millions into local economies across the U.S.
In 2013, the greater Sacramento area was also home to the largest at-the-time commercial PACE project in the nation. The Metro Center Corporate Park in Natomas installed $3.16 million worth of energy-saving equipment across the four-building campus. Upgrades were projected to lower utility costs by $140,000 annually.
Ygrene's PACE programming is helping communities throughout California and across the nation meet their energy efficiency and resiliency goals. The full list of jurisdictions where Ygrene's PACE system has been approved can be found here.
Ygrene Energy Fund is a national leader in residential and commercial energy efficiency and resiliency financing. Founded in 2010, Ygrene's award-winning, privately funded Property Assessed Clean Energy (PACE) program is revolutionizing the home improvement industry, making it easier for property owners to invest in their futures and a healthier environment. Ygrene is delivering greater choice for home and business owners by providing accessible and affordable financing for energy efficiency, 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. To date, Ygrene has provided over $1 billion of private capital to more than 500 local communities, creating thousands of jobs and investing millions into local economies across the U.S. Learn more at ygrene.com.
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