Yesterday, Governor Tom Wolf signed SB234 into law, a clean energy funding bill allowing municipalities across Pennsylvania to establish Commercial Property Assessed Clean Energy (C-PACE) programs, helping businesses finance investments in energy efficiency on their buildings. Specifically, the law - the first new PACE bill in the Northeast in six years - is designed to ensure that owners of agricultural, commercial and industrial properties can obtain low-cost, long-term financing for energy efficiency, water conservation and renewable energy upgrades.
"Commercial PACE is a valuable tool for the small business and property owners of Pennsylvania. Ygrene applauds state leadership for creating a win-win for the state's economy and the environment. With Governor Wolf's signature, this bipartisan C-PACE bill will unlock private capital for building owners to make critical improvements to their property, leading to reduced energy costs and money savings they can ultimately invest back into their business and employees. Ygrene looks forward to working with state and local leaders to ensure the program's success," said Mike Lemyre, Senior Vice President at Ygrene.
The business of energy efficiency is already booming in Pennsylvania. Currently, it accounts for more than 62,000 jobs and is growing upwards of 10 percent each year. SB234 will enable local governments in the Commonwealth to set up PACE programs for the commercial sector, allow for public-private partnerships, attract private capital to support local government sponsored PACE programs, and create local jobs. Additionally, over the next three years, Ygrene anticipates investing up to $150 million in Pennsylvania. Since 2013, Ygrene's C-PACE financing has supported over 1,000 jobs and led to $146 million in utility savings for property owners. The full list of jurisdictions where Ygrene's C-PACE program has been approved can be found here.
About YgreneYgrene is a national leader in residential and commercial clean energy financing. Founded in 2010, Ygrene's award-winning, privately funded Property Assessed Clean Energy (PACE) program is revolutionizing the home improvement industry, making it easier for property owners to invest in their futures and a healthier environment. Ygrene is delivering greater choice for home and business owners by providing accessible and affordable financing for energy efficiency, renewables, water conservation, storm protection and seismic upgrades. Recognized as one of the fastest growing asset classes in the country, PACE has proven to be a successful tool for supporting public policy initiatives, all without the use of public tax dollars or credits. To date, Ygrene has provided over $1 billion of private capital to more than 500 local communities, creating thousands of jobs and investing millions into local economies across the U.S. While PACE programs are enabled by state legislation and must be approved by local governments, Ygrene is not a government program. Learn more at ygrene.com.
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