Compton City Council approves clean energy financing
The Compton City Council voted to allow property owners to "opt-in" to the PACE financing program
Compton homeowners can access clean energy financing; Ygrene Works program introduces opportunities minus upfront costs
COMPTON – The Compton City Council voted 5-0 to adopt a resolution that will allow property owners here to install energy-saving improvements to their homes without upfront costs through Ygrene Works, a statewide Property Assessed Clean Energy financing program available to more than three million Californians.
Compton residents can now “opt-in” to the PACE financing program under a unique partnership with Golden State Finance Authority, formerly known as California Home Finance Authority or CRHMFA Homebuyers Fund. The process is a single step in making this financing option available for energy efficiency upgrades to homes and businesses.
The Ygrene Works Program allows property owners in participating cities to finance renewable energy, energy and water efficiency improvements and electric vehicle charging infrastructures on their property and the costs are charged as an assessment against the property.
Improvements include: solar panels, heating and air-conditioning, windows and doors, lighting, roofing, insulation, water saving, and landscaping and more. The cost of the improvements are repaid over a five to 30-year term on the homeowner’s annual property tax bill.
Compton Mayor Aja Brown said the program offers Compton homeowners affordable access to energy efficiency upgrades.
“This additional option will lead to increased local jobs and higher property values,” she said. “Compton residents are consumption conscious and are always interested in finding ways to reduce their costs and impact to the environment.
“Helping homeowners to make energy-efficiency upgrades and retrofits by making them more affordable and accessible is a win for the City, our residents and the environment,” Brown said.
Ygrene is the largest commercial and multi-family PACE provider and the only program offering 100 percent financing for all property types. It is the same as the recently adopted HERO (Home Energy Renovation Opportunity) program which also provides financing for home energy solutions such as solar panels and other renewable energy. Adopting the Ygrene program will now allow another choice of PACE providers for Compton property owners and businesses.
For more information on the Ygrene program and other PACE providers call the City of Compton at (310) 605-5500.