Alco Windows and Doors is sad to announce that we are discontinuing our partnership with Ygrene Financing. This decision was not made lightly, but we feel it is in the best interest of our customers. Here's why.
What is Ygrene?
Ygrene Financing provides residential and commercial PACE (Property Assessed Clean Energy) across the United States - and specifically in Florida. Ygrene's financing program allows property owners to finance the installation of energy-efficient, renewable, water-conserving, and hurricane-protection upgrades to their homes or businesses.
Products such as impact windows and doors play a vital role in keeping your home or business well-protected against powerful hurricane-force winds.
How Does Ygrene Work?
Thousands of Florida property owners have chosen to partner with the company thanks to the company's easy online application and 30-minute approval process. Plus, Ygrene has a team of certified contractors that property owners can choose from to complete the work.
One of the main advantages of partnering with Ygrene Financing was that approval primarily hinges based on the assessment of your property. You will never have to worry about paying upfront costs, and everything is repaid every year with your property taxes.
Is Ygrene a Good Option?
Alco Windows and Doors began partnering with Ygrene in 2018 to provide our customers with an affordable, state-backed financing option for impact window and door purchases. Ygrene's main advantage was its partnership with Florida's Property Assessed Clean Energy (PACE) programs.
After careful consideration, we have decided to discontinue our partnership with Ygrene as of 2022.
Why? At the beginning of October 2022, Ygrene stopped all PACE funding to homeowners in Florida. Furthermore, they have suspended funding for any already-approved projects.
The California-based company sent an email out to all of their certified Ygrene contractors on October 3rd that said:
"Effective immediately, Ygrene has suspended all PACE operations, including funding. We are working hard to secure potential funding sources, however, there is no set date for when operations will resume. This suspension results in the suspension of Ygrene PACE financing only. It does not cancel any home improvement contracts. Property owners and Contractors should coordinate on any obligations under their contract and seek alternate forms of financing."
In short, Ygrene's decision to stop PACE funding will greatly impact our customers. Alco Windows and Doors is committed to providing the best possible experience for our customers, including finding financing options that work for them.
Therefore, we have decided to discontinue our partnership with Ygrene as of 2022.
To Our Past Customers: How to Pay Off Your Ygrene Loan
If you have already financed your impact windows and doors through Ygrene, don't worry - you are not alone. As of October 3rd, there are over 15,000 homeowners in Florida with an outstanding Ygrene PACE loan.
If you have an outstanding balance with Ygrene, you have a few options:
- Pay off your loan in full: You can make a one-time payment to Ygrene to pay off your entire loan balance.
- Get a new loan from another PACE provider: If you qualify, you can take out a new PACE loan with another provider to pay off your outstanding balance with Ygrene.
- Re-amortize your loan: You can work with Ygrene to re-amortize your loan, lowering your monthly payments. However, this would also extend the length of your loan.
- Refinance your mortgage: You can refinance your mortgage and use the extra cash to pay off your Ygrene loan.
To Our Future Customers: Our Commitment to You
Alco Windows and Doors is committed to providing the best possible experience for our customers. We understand the importance of impact windows and doors - especially in hurricane-prone areas like Florida.
That's why we offer financing through other reputable organizations to make home upgrades possible for every property owner. That's why we're continuing to offer loans through the following providers
If you have any questions about our financing options, start with our free financing guide on paying for impact windows and doors.
Should you have further questions, don't hesitate to contact one of our consultants. We're here to help you find the best way to finance your impact windows and doors.