Last July, Leon County (home to Tallahassee) became the first Florida municipality to adopt the HERO PACE Program. Several other Florida counties and cities followed suit. The latest was Orlando, whose city council approved the program yesterday. These are a few of the milestones, with HERO PACE expanding into Florida & Missouri.
Two months ago, CEO Stacey Lawson announced her company’s plan to expand into six U.S. states. This was followed up by the news, a few days ago, of Ygrene’s $250 million virtual PACE facility for expansion.
There are good reasons for the Property Assessed Clean Energy (PACE) to catch on. Homeowners take out PACE loans at a low rate of interest, with no money down, and pay them back through their property taxes. This already sounds good but, in terms of monthly cash flow, a Florida Pace project was essentially free.
Ygrene operates one of America’s largest property assessed clean energy (PACE) financing programs and it is about to get much bigger. They just raised $30 million in operating capital to finance their expansion into six states. According to President and CEO Stacey Lawson, Ygrene expects to quadruple its’ business.
There are almost 400 registrants, from 35 or 36 states, all keenly aware that the US government is about to partially remove a hindrances that have kept residential Property Assessed Clean Energy (P.A.C.E.) financing from spreading throughout the nation. George Caraghiau said, “I’ve been to so many conferences in my life, but I cannot believe the excitement I am feeling at this conference.” David Gabrielson, Executive Director of PACENation, added,1People are excited about the impact this will have on job creation, climate change…” They were speaking from America’s First PACENation Summit.