Ygrene Energy Fund closed two bond offerings totaling $329 million for PACE (Property Assessed Clean Energy) funding. Because of PACE financing there has been a growth in “green bonds”.
These particular funds are targeted to improve energy efficiency in California and Florida. However, California and Florida are not the only states taking advantage of PACE. Throughout the country there has been an increase in PACE loans due to their simplicity and availability. The increase in demand for renewables and energy efficiency has also brought high interest to PACE. It’s difficult to make energy improvements with traditional financing, which is why PACE has been becoming more and more popular across the nation. With PACE funding, property owners can pay energy upgrades for a period of up to 25 years on property taxes.
PACE began in the mid 2000s in California, as a financing tool for residents and businesses to reduce utility expenses. Since, PACE has completed over $2 billion in projects, expanded into over 30 states, generated 1000s of new jobs and assisted the country’s growth in more sustainable energy practices. If your business or non-profit organization is having trouble budgeting for capital expenses or energy improvements, PACE funding is a great financing tool.