NEWS BULLETIN:
Energy Efficiency - $230 million Property Assessed Clean
Energy Program Launched in Miami
“Property owners across South Florida can now benefit from
instant access to funds to upgrade their buildings and protect
their properties from major storm damage,”
Tomás Regalado, Mayor of Miami and member of the Green
Corridor governing board
Ygrene Energy Fund and the Carbon War Room are pleased to announce the launch of the Clean Energy Green
Corridor program, a private-public partnership to fund hurricane protection, energy efficiency, and renewable
improvements for commercial and residential buildings in South Florida. The program uses the property assessed
clean energy (PACE) financing model—using no public funds and providing 100% financing—to allow property
owners to make payments as part of annual property assessments over a 20 -year term.
Ygrene launches the program with a $230 million bond issuance available immediately, and has approved more than
50 applications for over $10 million worth of projects in the region, plus a pipeline of over $60 million in potential
projects.
“With energy bills and hurricane insurance rates at record highs, property owners can now use this program to
address both vital issues at the same time,” Stacey Lawson, CEO, Ygrene.
The economic and environmental impact potential of the Green Corridor is substantial. Independent research firm
ECONorthwest has projected that the program can create more than 3,400 new jobs and $600 million in economic
activity, as well as $25 million in local tax revenue. Ygrene also estimates it can reduce carbon emissions by 29,000
metric tons and protect up to 2,300 homes from hurricane damage.
Since 2010, the Carbon War Room has been working to help the sector accelerate the widespread utilization of
PACE, and directly assisted in creating the Ygrene-led consortia of companies that are now implementing PACE
projects in Miami as well as Sacramento.
“The major barrier preventing home owners and businesses from adopting energy e fficiency and building resiliency
projects is often down to the large upfront cost that many find tough to justify. I am very pleased Ygrene and the
Miami Green Corridor cities have eliminated this burden to create a universally accessible financing option ,” said Sir
Richard Branson, founder of Carbon War Room and founder of the Virgin group. “As a business owner, an
entrepreneur, and home owner, I see tremendous advantages to this program for Miami -area property owners and
hopefully it will act as a catalyst for other cities to follow suit in creating similar programs.” Interested property
owners and contractors can join Clean Energy Green Corridor now by visiting the Ygrene Energy Center at 3390
Mary Street, Suite 124 in Miami, or visit CleanEnergyGreenCorridor.com
What is Property Assessed Clean Energy?
Property Assessed Clean Energy, or PACE, is a mechanism for financing energy retrofits for buildings. Usually a
municipal government or private financier will offer a bond to investors and then provid e property owners the upfront
capital for energy retrofit projects. These PACE-financed projects can be on commercial and residential properties
for retrofits such as solar installations, water conservation, and efficiency measures.
PACE is a win-win value proposition. Through PACE programs, business and home owners can make energy
retrofits without having to pay all of the upfront costs. As they pay off the loan, the owners are already saving on their
energy bills and, if they sell, the loan is transferred with the property. Meanwhile, they reduce their carbon footprint
and stimulate the economy.
About Ygrene Energy Fund
Ygrene Energy Fund is the leading developer and administrator of clean energy financing programs throughout the
United States. Ygrene’s fully -funded Clean Energy Programs provide privately funded and immediately accessible
financing for renewable and energy efficiency upgrades to both residential and commercial property owners at no
upfront costs. Over the next five years, Ygrene’s Clean Energy Districts are projected to create tens of thousands of
local jobs and invest hundreds of millions into local economies. Learn more at ygrene.us.
For more information go to:
www.ygrene.us
About the carbon war room
The Carbon War Room is a global nonprofit founded by Sir Richard Branson and a group of international
entrepreneurs to accelerate the adoption of business solutions that reduce carbon emissions at gigaton scale and
advance the low-carbon economy. The organization believes that we can turn the challenge of climate change into
the most important opportunity of our times, using existing technologies and resources within the current policy
landscape.
The Carbon War Room divides the climate change challenge into 7 sectors and 17 sub-sectors, each containing the
potential for profitably achieving massive CO2 reductions via private sector innovations. Across these sectors, the
War Room’s current Operations include: Maritime Shipping Efficiency, Green Capital, Renewable J et Fuels, Smart
Island Economies, and Trucking Efficiency.
For more information go to:
www.carbonwarroom.com