Company: Renovate America
Source: PR Newswire
Financing helps residents install drought-tolerant landscaping, water-efficient appliances, solar panels, energy-saving windows and more; payments are made through property taxes
HERO available to 74% of CA households; more than $650m in projects funded; 5,500+ jobs created; over 33,000 projects completed
Thirty cities and two counties across California launched the Home Energy Renovation Opportunity (HERO) Property Assessed Clean Energy (PACE) Program today. HERO financing enables homeowners to make energy- and water-efficiency improvements and pay for them through their property tax bill. Property owners repay the assessment over 5 to 20 years and the interest is tax-deductible. Homeowners see immediate savings on utility bills. Given the State of California’s newly-adopted regulations aimed at reducing urban water consumption by 25%, PACE financing is a particularly appealing option for homeowners and municipalities.
“The HERO Program makes it possible for homeowners to do both the right thing and the smart thing: invest in conservation,” said Mayor Maureen Frechet of San Mateo. “PACE financing allows for homeowners to pursue energy efficiency remodels, solar installations, and drought-tolerant landscaping projects that will make their homes more sustainable. Property owners that take advantage of PACE financing programs, such as HERO, can feel good that they’ve made a smart investment in their properties and in our community as a whole.”
The HERO Program has been adopted by 319 California communities in the Golden State since launching in December 2011. HERO is now available to over 10 million California households. To date, the program has funded more than 33,000 residential efficiency projects, totaling more than $650 million in financing. By stimulating home renovation activity, the HERO Program increases demand for local contractor services. HERO is estimated to have spurred the creation of more than 5,500 jobs in California since beginning in December 2011.