Families Make Their Homes Safer, More Comfortable and More Efficient with PACE Financing
For years, Joy Miller was unable to take a hot bubble bath at home. In fact, she was lucky to make it through a full shower without the water running cold. Then she and her husband Greg decided to leverage the equity in their home to finance a tankless water heater and several energy-saving improvements—and life is drastically different.
“Now I can take a hot bath and I really love that,” Joy said. “We never run out of hot water and that’s the best thing in the world.”
The Millers are just one of thousands of families who used PACE financing to make their home more comfortable while reducing their energy costs. PACE, or property assessed clean energy, lets homeowners finance energy efficient, storm resistant, water conservation and renewable energy upgrades for no upfront costs. Because it is a property assessment, the amount financed through PACE is added to a homeowner’s property tax bill and repaid over time with terms up to 25 years depending on the useful life of the upgrade.
Ygrene Removes the Barriers to Financing Energy Efficiency Home Improvements
Founded in 2010, Ygrene is a national leader in PACE financing. To date, the company has provided over $1 billion of private capital to more than 400 local communities, creating thousands of jobs and investing millions into local economies across the U.S.
The Millers planned on upgrading their home when it was time to sell. “When we found out about Ygrene we decided to do it now,” Joy said. Aside from a seemingly endless supply of hot water, the Millers no longer worry about break-ins thanks to their new impact-resistant windows; their central air keeps their house cool in the summer, and their energy-saving hot water heater allows the couple to use their outdoor pool in the winter.
Some mortgage lenders require full repayment of a PACE assessment prior to financing a sale of the property that contains a PACE lien. But that didn’t deter the Millers from making upgrades today.
“It’s good for us to be able to enjoy those things now,” Joy said, “That was the main reason I leaned towards Ygrene.”
Accessible Financing with the Utmost Consumer Protections
An inclusive form of financing, PACE is not based on your credit score. Instead, a homeowner’s property tax and mortgage payment history and amount of home equity are the primary factors in determining property eligibility. Because homeowners should weigh the pros and cons of entering into any long-term obligation, Ygrene team members speak with every property owner whose application is approved to ensure they fully understand the terms of their financing agreement, the PACE lien on their property, and the proposed eligible PACE-financed upgrades.
To homeowner Alex Pierce, Ygrene’s PACE program is ‘black and white.’ When Alex’s roof began to leak in his daughter’s bedroom, he and his wife explored options—from emptying their savings to taking out a second mortgage to replace the roof. Then he discovered Ygrene.
“I thought, ‘It just can’t be that simple,’” Alex recalled. “Then I did the research. It is black and white.” Between the online due diligence and speaking with a Ygrene representative, the Pierces were able to find all the answers to their questions.
Ygrene’s industry-leading consumer protections ensures they deliver the highest level of integrity—from training and certifying each contractor to evaluating project estimates to having the property owner sign off on the improvement before the contractor is paid a penny.
“Ygrene broke it down very simple so that I would understand everything,” Alex said. “Now we have a new roof and peace of mind.”
A Sense of Security with Long-Term Payments
That same peace of mind is echoed by Adrian and Madeline Avila who used the Ygrene program to install 28 impact windows, two doors and a garage. Aside from the security and energy savings these upgrades provide, the Avilas’ believe that their property value has been increased.
Before committing to PACE, the Avilas considered applying for a traditional loan, but decided the monthly payments did not fit into their budget. “It was very costly and we didn’t like going that route,” Adrian said. So, they turned to Ygrene. The cost of their home upgrades, plus fees and interest were added to the Avilas’ annual property tax bill. And the extended terms made the repayment less daunting. “The amount was spread over 20 years, making it very affordable for us,” Adrian added.
Today, life in the Avila home is different. “Coming home from work, you can feel how insulated the house is,” Adrian said. “There are so many positives with our windows and doors—they look great; there’s definitely that peace, that sense of security.”
Overcoming Skepticism and Saving Money
PACE financing makes home improvements a smart investment, and the savings from becoming more energy efficient may help offset the cost of upgrading. Just ask the Millers. In peak summer, the couple’s electricity bill would run as high as $700. With their upgrades installed, the Millers’ highest utility bill hovers around $400. “It’s a significant savings on a monthly basis even with the added electricity that the pool heater is using,” Joy said. “We just love it.”
Initially hesitant, the Millers are not only believers in Ygrene’s PACE program, they’re also champions who have recommended the financing to friends, neighbors and clients.
“When Joy first told me about Ygrene, I was skeptical—I thought it was too good to be true,” Greg said. “But now that I’ve gotten the notice from the mortgage company and I see what’s happening with my electric bill, it’s amazing. I can’t believe everybody doesn’t use Ygrene.”
Are you a homeowner interested in making property improvements for no money down and no payments for up to 12 months or more? Find out if PACE is available in your area – call 866-634-1358 or contact firstname.lastname@example.org today.
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