Stockton, CA, has approved use of the YgreneWorks PACE program to finance business and home energy efficiency initiatives and renewable energy and water conservation upgrades, according to the company.
Ygrene offers help with Property Assisted Clean Energy (PACE) financing. It is already used by 274 cities and counties in California and Florida and has more than $785 million of committed capital in the market. The company has approved applications for more than $1 billion dollars and 21,000 buildings.
PACE financing got a significant boost this month as the federal Housing Administration (FHA) and the Department of Veterans Affairs (VA) said they will accept PACE loans. The concern had been that in certain instances making good on PACE loans in foreclosures could force the government to satisfy other outstanding obligations.