Buy now and pay over time
No credit score, no down payment financing up to 15 years.
1. What is YgreneWorks™?
Ygrene’s award-winning YgreneWorks program enables property owners to make energy efficiency, renewable energy, climate resiliency and water saving improvements to residential, multifamily, commercial and agricultural buildings with 100 percent, no money down PACE financing. Payments are incorporated into and repaid over time through property taxes with terms of up to 30 years, depending on service area and type of improvement. If you sell your property, payments may transfer to the new owner, just like your property taxes. (Property taxes are legally transferable when you sell your property, however, some mortgage lenders may require full repayment (payoff) of any remaining PACE special tax/assessment upon sale or refinance.)
2. What is PACE financing?
Named one of the top 20 “world-changing” ideas by Scientific American magazine, property assessed clean energy (PACE) is a simple, effective way to pay over time for a wide range of energy and water saving, renewable generation and climate resiliency improvements to our built environment—which has all sorts of benefits. According to the EPA, improving the energy efficiency of your home or business can help lower high utility bills, improve comfort and reduce greenhouse gas emissions. And by improving your home’s energy and water efficiency, you may be able to increase its value.
While PACE programs are enabled by state legislation and must be approved by your local government, YgreneWorks is not a government program.
3. What types of property improvements qualify?
Hundreds of energy and water saving PACE-eligible improvements (and associated installation costs) qualify under YgreneWorks, including energy-efficient heating and cooling, windows, doors, roofing, insulation and ducts, pool pumps, water heaters, drought tolerant landscaping and solar. In certain areas, PACE financing is used to install electric vehicle charging stations, make water conservation and seismic upgrades, as well as storm and wind protection improvements.
4. When will I make my first payment?
Your first payment (and all future payments) will be incorporated into your property taxes, and will appear as a line item on your annual statement delivered by your County Tax Assessors office. The date it appears on your property tax statement for the first time depends on the date your PACE improvement contract funds. PACE improvements funded on or before June 30 of this year appear in the year’s property tax statement; PACE improvements funded after June 30 of this year will appear in next year’s property tax statement.
5. What is my payment schedule?
Your annual PACE special tax/assessment will be added to your property taxes as a line item on your annual (or semiannual) statement. You can pay it in one of two ways:
Pay your property tax bill directly to your tax collector on the due date in lump sum annual or semiannual installments.
Spread your payments out monthly by increasing the reserves in an existing (or new) mortgage escrow account. Contact your servicer or lender directly to set this up.
6. How do I qualify?
It’s easy. First check your property eligibility. If your property is in one of our service areas, you can apply online with us in just a few minutes. YgreneWorks financing is based on the equity available in your home or property (among other factors), and not on credit (FICO) score, proof of employment, income or financial statements.
7. Will you pull my credit report?
Yes. While we do not use your credit (FICO) score as a factor in determining eligibility for financing, we do pull your credit report to confirm certain underlying criteria.