BOS Ignores Staff Warning about Senior Debt Liens
I’m always amazed at how uninformed our Board of Supervisors is in supporting and giving one company, Ygrene Green Energy Holdings a monopoly to provide solar and energy efficient retrofit financing over all of El Dorado County by placing senior debt liens against our citizens property.
You only need to dig on the web a few minutes to quickly find out that Ygrene is backed by none other than Billionaire Sir Richard Branson through his Carbon War Room initiative. While it’s nice that a Billionaire who often flies in private jets to his private island and isn’t that concerned about his own carbon foot print is so concerned about yours. Or is he?
The real incideous intent is to gain a monopoly of green energy financing across El Dorado County and piggy back on the County Tax Collector to provide free loan servicing of the loans made to citizens, thereby off loading the normal overhead of banking onto our local County government agency. Nothing like stripping off overhead and creating a virtual bank with no management responsibility and costs borne by taxpayers.
Why is our County Board of Supervisors so eager to sell our County out toYgrene Green Energy Holdings? Why isn’t the Board of Supervisors listening to their experienced department heads that have clearly stated the problems of creating a blanket senior lien against parcels and making the Tax Collector responsible for collecting a Billionaire’s loan payments? It seems there are a lot of solar installation and energy efficiency retrofit companies out there and they all seem to offer a financing program, so financing doesn’t seem to be an issue. Seems like the free market is doing a fine job of this. Perhaps one or more of our County Supervisors is getting kickbacks from Ygrene?