Ygrene Energy Fund Announces Completion Of 25 Multifamily PACE Upgrade Projects
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Ygrene Energy Fund has now completed a total of 25 multifamily PACE upgrade projects to date, according to a recent announcement. This recent milestone means that Ygrene is now the first (and only) PACE provider to finish energy upgrade projects for “multifamily housing ranging from 6 units to as many as 184 units, with market values up to $9.1M.”
In other words, the company is pretty clearly the “market” leader in this case — showing off both a wide diversity of different project types, and sheer quantity.
Considering the many benefits of using multifamily PACE housing — 100% financing for building upgrades with no out-of-pocket costs, non-recourse to the owner, no payment required for first 12 months, etc — the fact that Ygrene has had access to so many projects is unsurprising.
“Between local rebates and Ygrene financing, it’s a no-brainer for my clients,” stated Michael Grossberg, a Sacramento-based contractor who worked on several of Ygrene’s multifamily projects. “Federal rebates sparked an initial interest amongst property owners for energy efficiency, renewable, and water conservation retrofits, and when the funding dried up, Ygrene was right there to help continue to make these projects a reality.”
“In today’s market the majority of renters are paying for their own gas & electricity, so anything we can do to upgrade our property to make it more appealing, including double paned windows and other energy saving upgrades, is a nice differentiator. Ygrene’s financing has made that possible,” stated Dick James, owner of DJA Properties. “We’ve completed 9 property upgrades with Ygrene and have another 6-8 in the pipeline. Their contractors are professional, efficient and a pleasure to work with and I look forward to completing more projects with them in the future.”
The news follows the recent announcement of broader support from Governor Brown and the US Department of Housing and Urban Development — support which includes the establishment of a Multifamily PACE Pilot.
Image Credit: Ygrene
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