PACE Program Funding & Management
We are proud to have partnered with Ygrene Energy to create Ygrene Energy Fund Florida, LLC. This fund provides readily available funding for eligible property owners that voluntarily choose to improve their commercial, industrial or residential property with energy efficient retrofits, renewable power installations and wind hardening retrofits. Certain property owner criteria must be met and state law provides those regulations (HB7179).
Ygrene Energy Fund Florida designs, implements, finances and administers turnkey programs that facilitate the property improvements described above.
Through our funding partner, Barclays Capital, and operating partners, Lockheed Martin, we have the structure in place to execute a turnkey PACE program.
Role of Local Government
Ygrene Energy Fund works for local government program sponsors to design, implement, finance and administer energy finance programs known as Property Assessed Clean Energy (PACE).
Ygrene’s energy finance program is an effective financing tool for the construction trades to offer property owners that desire to make qualifying improvements to their property. In addition to the clean energy benefits of PACE, a local government sponsored PACE program also provides willing property owners with a dynamic tool to protect their homes from hurricane damage and to save money from insurance premium credits that may result from wind hardening improvements.
Ygrene implements energy finance PACE programs at no cost or funding requirement to the local government and does not rely upon municipal debt ratings. The Ygrene model includes the availability of project funds on day one.
The PACE loans are made to the property, and consequently, the loans are an asset based financing vehicle, not personal credit based. Moreover, it does not affect governmental borrowing capacity or financing.
The repayment source of PACE loans is tied to a voluntary non ad valorem property tax assessment; the primary role of the local government in the Ygrene PACE program is to collect the property tax as it does in the normal course of property tax collection. The Tax Collector is paid an administrative fee for processing. The program pays its own way without governmental subsidy.
Ygrene has developed an approach that minimizes the financial, operational and legal risks in implementing PACE energy finance programs.