Invest Atlanta, the city’s economic development authority, has voted to spend up to $200 million in energy retrofit financing via the Clean Energy Atlanta program. If the City Council votes to approve the project, Ygrene Energy Fund, a provider of clean energy finance programs for local governments, will spearhead the initiative available to commercial and multi-family residential building owners in Atlanta’s central business district. Ygrene will administer a fund to give owners of downtown commercial properties access to capital to upgrade their buildings and better compete for tenants and residents.
The initiative is predicted to be a shot in the arm for Atlanta’s construction industry, creating as many as 3,000 jobs and injecting up to $530 million in economic activity for Atlanta’s economy, according to Ygrene. This initiative is part of the city’s plan to reduce its carbon footprint by 7 percent by the end of 2012.
Clean Energy Atlanta provides private funding for building energy upgrades at no installation cost, repaid through property tax assessments. The program is a clearinghouse for financing and administering project deployment, connecting owners of eligible buildings with qualified local contractors to perform the renewable energy and energy efficiency upgrades.