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Ygrene Energy Fund Inc. and Ygrene Energy Fund Florida LLC are facing a class action lawsuit alleging they engage in deceptive sales practices to entice consumers into obtaining Property Assessed Clean Energy (PACE) loans.
According to the Ygrene Energy class action lawsuit, PACE loans are a type of financing structure that allows residential property owners to opt in to a special assessment district to receive financing for energy improvements and retrofits. These loans are reportedly repaid through a yearly assessment on the owner’s property tax bill.
The Ygrene class action lawsuit was filed by plaintiffs Grachian L. Smith and Mary Jane Smith of Broward County, Fla., and Alejandro Marcey and Felicia Marcey of San Diego County, Calif. The plaintiffs claim that the Ygrene Energy defendants enlist ill-trained and self-interested home improvement contractors to sell PACE loans to homeowners.
“Ygrene aggressively markets PACE loans through a network of 3,200 home improvement contractors,” the PACE loan class action lawsuit states. “It provides little to no training to these individuals before they are set loose on unsuspecting customers.”
According to the Ygrene class action lawsuit, once the contractors receive their Ygrene certification, they are pressured to maximize their own profits.
“Through this sales force, its marketing, and loan documents, Ygrene deceives consumers into believing the PACE loan is a risk-free, no-strings-attached program, backed by government support that allows immediate energy efficiency improvements to a home in exchange for nothing more than increased tax assessments,” the Ygrene class action lawsuit says.
The plaintiffs allege that, as part of its sales efforts, Ygrene markets its PACE loans as a “smart alternative” to traditional loan products, such as a Home Equity Line of Credit (HELOC).
“In reality, the loans act just like second or third mortgages,” the Ygrene class action lawsuit claims.
According to the Ygrene Energy class action lawsuit, the defendants also conceal important information about the PACE loans, including prepayment penalties and/or fees assessed by Ygrene to avoid prepayment penalties. The Ygrene Energy class action lawsuit alleges Ygrene’s marketing materials and other sales approaches inform consumers that the loan will remain with the home and not the borrower.
However, the PACE loan does not actually remain with the home, and the PACE loans “make it impossible or nearly impossible for consumers to sell their homes without first paying off the loan and incurring a large prepayment penalty,” the Ygrene class action lawsuit says. Therefore, the PACE loan is an encumbrance that allegedly functions much like a HELOC.
The plaintiffs claim that they would not have entered into an agreement through Ygrene if they had known that the PACE loan was effectively no different than a second mortgage.
By filing the Ygrene class action lawsuit, the plaintiffs seek to represent themselves and other consumers who entered into a PACE loan facilitated by Ygrene.
The PACE loan class action lawsuit asserts claims against Ygrene for violation of the Consumer Legal Remedies Act, violations of California business law, violation of the Florida Deceptive and Unfair Trade Practices Act, fraudulent inducement, negligent misrepresentation, unjust enrichment and negligence.
The plaintiffs are represented by Kenneth S. Kasdan, Graham B. LippSmith and Jaclyn L. Anderson of Kasdan LippSmith Weber Turner LLP and Jeffrey D. Kaliel of Tycko & Zavareei LLP.
The Ygrene PACE Loan Class Action Lawsuit is Grachian L. Smith, et al. v. Ygrene Energy Fund Inc., et al., Case No. 3:17-cv-01258, in the U.S. District Court for the Northern District of California.
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139 thoughts onYgrene Class Action Says PACE Loans Are Bad For Homeowners
I would like to join this class action as well Ygrene misled me to purchase through them when we were very vulnerable ,told us the amounts to be paid would be through tax assessment and clearly at the amounts per year we are paying for a 20 year term witch attatched to our deed are not as described ! But the worst is the ten year warranty on part and labor are not being honored as the install company filed bankruptcy several months later and because that company only claimed to represent the county we live in the affiliate companies in our surrounding counties of the same buisiness name will not honor the warranty !there for the 10 years warranty we pay for is not being honored . Our system has broken down 4 times now over 3 years and it’s out of pocket every time . They should be ashamed of themselves and I feel they are responsible for there underhanded action . Please and any information I may need to join the fight …
I would like to join this lawsuit other things that ygreen say is energy efficent HVAC come to findout the one that was installed on my home didn’t meet the Seer rating for energy efficent.
For me, it was a nightmare trying to refinance my house, but even here, they don’t say anything about the case or how to join…
I found that the court dismissed all the claims. Big bucks still for Ygrene…
I guess I’m just another fish in the Ygrene pond. I too signed up for a 45K solar, window and door program. When I questioned why I wasn’t seeing the promised significant drop in my electric bill I was told that my bill would be much higher if I didn’t have solar. After several conversations of that nature I pretty much gave up and accepted the measly amount of savings. This year I noticed no savings and discovered that I hadn’t produce any solar since February, 2021. When I contact SMUD they originally said they’d send someone out to take a look and when I pressed them for an appointment, so that I could be present, a manager came on the line and said that this wasn’t their issue and that I needed to contact the contractor. I called Ygrene who gave me a number for Edwards Builders. Needless to say when I called Edwards Builders the guy that answered the phone shouted “how did you get this number?” I briefly explained the issue he blamed SMUD and said that it was because I wasn’t paying my bill. I told him that my bill was paid through auto pay and that the entire project had been paid off. He said he’d come out to take a look but needed my contract info.” This info has been sent with no reply. I’ve contacted Ygrene who said that they would escalate my issue to a Regional Manager. Well, I’ve heard nothing back from them either. I will be contacting my local TV network to see if this is news worthy because Ygrene is actively advertising on TV in my area. The public needs to know that they assume no responsibility for the contractors they hire for you. I refinanced and paid off the balance back in May. Now if I could just get my solar panels working again. If this isn’t resolved, this will be the most expensive lemon I’ve ever purchased. Would anyone be interested in doing a commercial detailing our experiences with Ygrene and their contractors. We could all chip in to help with the cost. Perhaps we could even get a discount if someone knows someone. I’m in the Sacramento area.
Hello, my name is Kenneth Worthy and I’m a veteran whom got scammed by Home Depot and Ygrene. My project was never finished. The contractor whom home Depot sent to my home did a terrible job, damaged my home taking the two windows and two doors that they installed and never completed the work and never answers the phone. The contractors favorite word was I’ll be back. When they do show up after about three-months they never repair anything or tells me they need to order new parts and never come back. I was informed by one of the Home Depot employee is the reason the contractor never came back is that they had other customer complains about the contractor and they fired them. This work started in 2020 and it is October 2021 and it is still incomplete. Ygrene also informed me that they were droping my contract as of December of 2020, now they are sending me emails and texts wanting me to sign a contract again. informed Home Depot and Ygrene of the situation and no one has ever came out to investigate, yet I receive phone calls, emails and text messages wanting me to sign a contract so they can close the work order. I also need help and want to join this class suit against Ygrene and also would like to start a class action suit against Home Depot for misleading and deceiving retired people.
Did anyone got any response? I’d like to join the lawsuit
PACE and Ygrene have used this Ponzi and Fraudulent scam on us. Have written to Gov. Ron De santis, Attorney General Ashley Moody, Seniors VS Crime and the Secretary of the State of Florida Laurel Moore Lee we reside in Melbourne, Florida 32935. Both agencies never explained. My husband is a disable Vietnam Veteran and now has Bone Cancer and COPD. Myself three Mini Strokes and Facial Trigeminal Neuralgia among other other illness. Our first encounter is with Renovated America which went Bankrupt and PACE took over. We had Hippo Roofing replace our roof because our Nu Vantage our homeowners insurance wrote us a letter on 4/2020 if not replace will cancel our policy. Renovated America came with a great song and dance, that due to the program we will pay in a year’s time only one thousand and five hundred dollar’s . We received the actual Hard Copy Contract on 09/27/2021 and that’s because we received a letter from FHIA for window’s and the Salesperson Scott Weiner stated we had a Lien on our property for Thirty Thousand dollar’s My husband and I then went to the Melbourne Court House and was confirmed of the Calamitywe are facing today. This is such a travesty especially when you are disable. HELP!!!
I want to be included in any lawsuit against Ygreen
I need to know how to join this lawsuit. We got screwed over a roof for 43K which with the PACE loan will become 92K. Our real estate agent (who sold us the house) recommended her husband to us when we needed a new roof – Also according to her – She said we would get an insurance break if we got a new roof. So her husband came over to tell us that this roof was the best thing since sliced bread – with a 50 year warranty – Indestructible. Whipped out an electronic tablet for my husband to docusign. We were blindsided when our mortgage went from 2600/month to 3775/month suddenly and didn’t understand why. When I inquired what was going on with our payment – She said Oh everyone in Boynton Beach had their taxes doubled this year. Whaaaat. I checked it out. Not the case. We were scammed. The roof which was already overpriced at 43k is actually 92k with this crooked loan. This is a scam that is actually a lien on our house as well. We are very very upset.
I want to join the suit as well. I received impact windows in November of 2018 and was told that my first payment would be due with taxes in 2020. Which was true, however it was March of 2020 for the 2019 Tax Assessments. I was also assured that there were no early payoff penalties.
please contact me. I ended up with more fees and such a high rate pressured and not explained items.
I want to joint the suit
I would like to be included. I’m trying to sell my home and recently found out that the ygrene loan can’t be transferred like I was told. This issue is holding up the sale of my home. I feel totally duped by this company. I purchased solar panels and then HVAC system with them. Now I find out that even though I’ve been paying on these loans through my taxes that I actually owe more than what the original loan was for. In fact the original loan amount that they show on the paperwork is for more than what I had signed on the contractors paper which is all I ever received. I have reached out to the company several times to get a financial statement and have never received a response from them. The Title Company has also had a run around trying to get the payoff.
I NEED TO JOIN THIS LAWSUIT
I need to join this
They are the biggest scammers. It took me about 21 days to get a pay off. They messed up my closing. They sent the wrong amount on the pay off when closing out the the HELOC and charged penalties for early payoff. This is terrible company tagging their fees on your property taxes and they falsely represented the total pay off and I had to pay the difference.
I would like to join the Class Action whenever it is open. They mislead customers and take forever to respond.