February 25, 2016
COMPTON – Tuesday, Compton Mayor Aja Brown and the City Council voted 5-0 to adopt a resolution that will allow property owners in Compton to install energy saving improvements to their homes without any up front costs through the Ygrene Works Program.
Ygrene Works, is a statewide Property Assessed Clean Energy (PACE) financing program currently available to more than 3 million Californians. Compton residents can now "opt-in" to the PACE financing program under a unique partnership with Golden State Finance Authority (GSFA), formerly known as California Home Finance Authority or CRHMFA Homebuyers Fund (CHF) in a single step making this ground-breaking financing option effortlessly available for energy efficiency and water conservation upgrades to homes and businesses.
The Ygrene Works Program allows property owners in participating cities including Compton 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, landscaping and more. The cost of the improvements are repaid over a 5 to 30 year term on the homeowner’s annual property tax bill.
“I'm pleased that the city council approved this great opportunity that offers Compton homeowners affordable access to energy efficiency upgrades,” commented Mayor Aja Brown. “This additional option will lead to increased local jobs and handed property values. 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."
Ygrene is the largest commercial and multi-family PACE provider and the only program offering 100% financing for all property types.
Ygrene is the same as the recently adopted the 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 please call the City of Compton at (310) 605-5500.