Financing Clean Energy Retrofits With Ygrene Florida and PACE
Property Assessed Clean Energy (PACE) financing is being used by thousands of home and business owners throughout the U.S. to improve the value of their property, and save millions of dollars on energy bills. Utilizing this simple and affordable financing mechanism, PACE has proven widely successful for creating jobs and providing economic stimulus for local communities through residential and commercial energy retrofits.
Ygrene Florida Offers 100% Financing
As administrator of the PACE financing programs, Ygrene Energy Fund Florida markets the PACE program to over 20 counties and cities in Florida. With competitive rates that are among the lowest in the industry, Ygrene offers 100 percent financing to residential and commercial property owners seeking to finance renewable energy, energy efficiency, and hurricane protection upgrades.
In 2011, Ygrene Florida, a subsidiary of Ygrene Energy Fund, Inc., and EcoAsset Energy Solutions, a subsidiary of Lykes Bros, Inc., joined forces to create the Florida’s first and most successful PACE program. Now, Ygrene Energy Fund Florida is the leading developer and administrator of clean energy financing programs throughout Florida.
“Ygrene has been farsighted in establishing the PACE leadership in Florida and has brought an innovative financing mechanism to our State,” said Charlie Lykes of Lykes Bros. “Together, we have empowered Florida property owners to upgrade their properties for energy savings and hurricane resistance. We look forward to the continued growth and success of Ygrene and PACE in Florida.”
Ygrene Takes Full Control of Florida PACE Program
A fifth generation family owned business, Lykes Bros., Inc. has over one hundred years of experience and financial stability in managing large-scale natural resources. In central Florida, Lykes Bros. has large agricultural operations spanning 340,000 acres of contiguous land. Now, with the successful growth of PACE in Florida, and Ygrene Energy Fund Florida’s well-established leadership, Lykes has chosen to return its focus to its core businesses. To this end, EcoAsset Energy Solutions announced recently that Ygrene Florida will acquire Lykes’ ownership interest in the PACE financing venture.
“Lykes has provided valuable leadership and resources for initiating and scaling our PACE programs across Florida,” said Stacey Lawson, President of Ygrene Energy Fund Florida. “We have built a tremendously strong platform together over the last three years, allowing us to be the first and largest provider of PACE financing in the State. We are grateful for Lykes’ collaboration and look forward to future opportunities to collaborate with them.”
PACE Financing Program Improving Florida’s Local Economies
Utilizing $150MM in revolving credit, Ygrene funds both residential and commercial upgrade projects. It has also authorized and validated $1.2B in bonds across Florida. Not only improving the state’s building stock for energy efficiency and weather resiliency, Ygrene’s PACE financing program has been directly responsible for creating hundreds of local jobs in Florida.
Privately funded and immediately accessible financing through Ygrene PACE financing is promoting widespread acceptance of renewable energy and energy efficiency upgrades, such as solar panel installations on rooftops. Ygrene’s fully funded Clean Energy Programs are available for both commercial and residential property owners with no upfront costs. Over the next five years, it is expected that Ygrene’s Clean Energy Districts will create tens of thousands of new local jobs, and hundreds of millions of dollars are projected to be invested into Florida’s local economies.