What is Ygrene Financing?
Ygrene offers an alternative way to finance energy-efficient and renewable energy upgrades for residential and commercial properties in California, Florida, and Missouri.
Depending on where your property is located, it may also be eligible for upgrades that include:
- Solar
- Energy-efficient Heating & Cooling (HVAC)
- Windows
- Doors
- Roofing
- Insulation
- Ducts
- Pool Pumps
- Water Heaters
- Drought-tolerant Landscaping
- Water-conserving Indoor Plumbing Repairs
- And Much More!
Ygrene is a leading PACE (Property Assessed Clean Energy) provider that allows you to leverage the equity in your property by offering unique advantages including low, fixed rates, no upfront costs, and no repayment penalties.
Ygrene financing is not a loan or discount program. Ygrene financing is an assessment on your property that is repaid annually with your property taxes. Approvals are based primarily on home equity.
Ygrene financing uses vetted independent contractors authorized by Ygrene and only issues the final check to the contractor once you are completely satisfied.
What Types of Improvements Can I Finance with Ygrene?
ROOFING PROJECTS
WATER PROJECTS
Water Conservation
- Drought Landscaping
- Hardscaping
- Artificial Turf
SOLAR PROJECTS
HEATING & COOLING
STORM PROTECTION
WINDOWS & DOORS
Hundreds of Improvements Qualify!
Ygrene financing is available for projects that make your property more safe, comfortable, energy efficient, and climate resilient. There are hundreds of qualifiable PACE improvements and upgrades that can be made to your home or business. Chances are, the improvement you want most is eligible, although qualifying projects vary by state.
So, check to see if your project qualifies for Ygrene PACE financing.
Or call 866-634-1358
Frequently Asked Questions
First check to see if your property qualifies. If your property is in one of Ygrene’s service areas, you can apply online and get approved within 30 minutes. Eligibility is primarily based on equity and your ability to pay, among other factors — not your credit score.
A special assessment will be added to your property tax bill as a new line item. This new annual tax payment will remain on your bill for length of the term you have chosen. Simply pay your property tax bill the same way that you always have–either when the bill arrives or via your impound/escrow account.
Payments are due on the same schedule and deadlines as your current property taxes–this applies whether you pay the tax bill directly or whether you pay monthly through an impound or escrow account. Contact Ygrene Customer Care for more details.
There is no prepayment “penalty” for paying off your financing early. However, a processing fee will be charged if the PACE financing is paid off early, and interest may be due according to the amortization schedule. The processing fee may vary by state — please contact Ygrene Customer Care for further details.
If you sell your property, payments may transfer to the new owner. Keep in mind that while property taxes are legally transferable, mortgage lenders or home buyers may require full repayment (payoff) of your remaining PACE tax obligation as a condition of a refinance or sale. So before obtaining Ygrene financing, you should consider the likelihood and timing of a possible sale or refinance, as well as the costs to repay the tax obligation.
Approval criteria varies by state, but are primarily based on the existing equity in your property and your ability to repay the financing according to terms set forth in the agreement.
Specific criteria required for approval include:
- Property taxes current for at least the past 3 years
- Mortgage payments must be current
- All owners on property title are on the application
- No reverse mortgage
- No mobile homes
- A minimum of 10% equity in your property
- No involuntary liens on the property in question
- No current bankruptcy
In the state of California, there are additional requirements, including:
- Verification of mortgage payment history may be required, depending on the district the property is located in
- No bankruptcy filed within the last four years
- Income verification — the property cannot have liens in excess of $1,000
For a full list of underwriting requirements in your state, Call us at 866-634-1358
Yes. When you accept Ygrene financing, you agree to make the PACE repayments as a part of your property taxes. Ygrene PACE financing is then repaid with your annual property taxes and secured by a continuing lien on the property. The lien is only in effect for the term of your financing and will not remain on your property once the financing is repaid.
No minimum credit score is required to qualify. A credit pull is still necessary to check for bankruptcies and mortgage history, but your actual credit rating will not affect the final approval decision.
Part of our underwriting criteria requires that we check for bankruptcies and mortgage payment history, which are most easily accessible through your credit report.
Yes, in certain states. Ygrene offers customers in California and Florida the opportunity to reduce or ‘buy down’ current interest rates with SelectRateSM. A lower, fixed interest rate can not only save you money on your annual payment, but also reduce the amount of interest you pay over time.
When you choose SelectRate, you will pay a nominal fee (points) that will be added to the cost of your project and rolled into your financing in exchange for a 1- 2% reduction of your current rate. It’s important to note that if you’re planning to sell or refinance your home anytime soon, SelectRate may not be right for you. The longer you plan to own your home, the more buying down your rate upfront can help you save.
No. Though repossessing a home is technically possible if tax payments are delinquent, Ygrene has never foreclosed upon a customer, and doesn’t have any plans to do so in the future.
