“This package of legislation will help ensure that PACE consumers have the highest levels of protection across California,” said Mike Lemyre, Ygrene Senior Vice President, Government Affairs. Additionally, the legislation further strengthens existing contractor oversight provisions embedded in PACE and do not exist with any other form of consumer finance. “This is something that is very important to us at Ygrene as we strive to set the standard for consumer protection in our industry. We applaud Governor Jerry Brown for his progressive efforts on behalf of California PACE consumers.”
When Governor Brown signed legislation in 2014 to expand PACE he stated, “PACE enables homeowners to buy solar panels, install low-flow toilets and make other smart investments that save energy and water without breaking the bank. As California confronts a severe drought and a rapidly changing climate, this program gives homeowners another opportunity to do their part.”
SB 242 adds new consumer protections to PACE financing. Most notably it requires mandatory call-back confirmation calls for all PACE consumers, updates data reporting requirements for PACE Administrators, and prohibits specific gifts for contractors to steer consumers into a specific program. Ygrene has already implemented this and other consumer protections prior to the introduction of this bill.
Now known as the “California Financing Law”, AB 1284 creates regulatory oversight for PACE under the Department of Business Oversight and includes some additional protections for PACE consumers.
This new package of legislation comes on the heels of Ygrene’s support for AB 2693, legislation signed into law last year that laid the groundwork for consumer protection in the PACE industry. Ygrene has previously taken the initiative to implement a number of requirements in the current package of legislation ahead of its passage by the Legislature, including calls to confirm contract terms and measures related to collection of income data, and will work closely with the applicable regulatory personnel during the rulemaking process.
Hailed as one of the top 20 “world-changing” ideas by Scientific American Magazine, PACE financing is an innovative program that enables property owners to obtain 100 percent financing for improvements that make their homes safer and more energy efficient, including seismic retrofits, energy- and water-saving upgrades, on-site renewable energy generation projects and, in some areas, hurricane protection and EV charging stations. Payments are made through property taxes and repaid over long terms, up to 20-plus years. Ygrene PACE financing is currently available in California, Florida and Missouri.
To date, Ygrene has provided over $1 billion of private capital in more than 400 local communities across the U.S., created and sustained 8,000 local jobs, and drove 644,000 Mtons reduction in greenhouse gas emissions.
About Ygrene Energy Fund
Ygrene Energy Fund is a national leader in residential and commercial clean energy financing. Founded in 2010, Ygrene’s award-winning, privately funded Property Assessed Clean Energy (PACE) program is revolutionizing the home improvement industry, making it easier for property owners to invest in their futures and a healthier environment. Ygrene is delivering greater choice for home and business owners by providing accessible and affordable financing for energy efficiency, renewables, water conservation, storm protection and seismic upgrades. Recognized as one of the fastest growing asset classes in the country, PACE has also proven to be a successful public policy initiative. To date, Ygrene has provided over $1 billion of private capital in more than 400 local communities, creating thousands of jobs and investing millions into local economies across the U.S. Learn more at ygreneworks.com.
SOURCE Ygrene Energy Fund
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