Clean Energy Financing Now Available in Sacramento County
On November 5, 2013, the Sacramento County Board of Supervisors authorized the Property Assessed Clean Energy (PACE) program for both commercial and residential property owners. PACE, offered by the County through program administrator, Ygrene Energy Fund, allows businesses and homeowners to finance energy efficiency, water conservation, and renewable energy upgrades with low upfront costs. The improvements are paid for by a voluntary tax on the owner’s property tax bill. All commercial and residential property owners in the unincorporated area of Sacramento County and the City of Citrus Heights may use this financing option.
“The PACE program will boost our local economy by stimulating construction activity, creating thousands of jobs, and improving property values as well as contributing to energy efficiency,” said Susan Peters, Chair of the Sacramento County Board of Supervisors.
PACE’s unique financing mechanism is tied to the property, rather than the individual. Eligibility is based primarily on property value and equity (a minimum of 15 percent is required) rather than credit score, and the payment obligation may transfer to a new owner if the property is sold. The voluntary program addresses the financial hurdles to capital-intensive energy efficiency projects, because there are low upfront costs to property owners. Homes and businesses that participate are likely to enjoy increased property values and reduced energy costs.
“We are pleased to offer this program to our residents and businesses, without taxpayer expense,” said Sacramento County Supervisor Phil Serna. “The program enables 100% financing for efficiency retrofits and helps achieve Sacramento’s goal of reducing energy use by 15% by 2020.”
Ygrene Energy Fund is now accepting applications for the PACE program at CleanEnergySac.com.
Ygrene is a developer and administrator of clean energy financing programs throughout the U.S. They opened a Ygrene Energy Center in Sacramento in January. Located at 2600 Capitol Avenue, the center serves as a community and educational hub for residents and commercial property owners throughout the region. There, Ygrene will continue to offer contractor training, energy efficiency workshops and partner meetings, and provide information on cutting-edge green products and consultations about participating in Clean Energy Sacramento.