Company: Enphase Energy
Source: GreenTech Media
Renovate America’s HERO program currently finances 95 percent of all residential PACE projects.
We are seeing a Renaissance of PACE programs and related energy efficiency and renewable financing programs for home and commercial markets.
PACE (Property Assessed Clean Energy) “is the legislation that allows local governments to issue bonds to finance energy efficiency, water or renewable measures,” explained JP McNeill, the CEO of Renovate America, one of several growing firms in the business of helping municipalities structure and administer PACE-based programs. PACE became popular in Berkeley, California in 2008 and gained some traction in regions across the U.S. before being stymied by federal housing regulators.
The CEO pointed out that his firm’s HERO program currently finances 95 percent of all residential PACE projects, with “a total of $200 million financed to date.” The program is approved in over 137 cities, including San Jose and San Diego, Ca. The program is voluntary and there is no cost for the city to participate. PACE programs can support energy efficiency upgrades such as HVAC, windows, roofing and water savings products, and solar power as well.
Solar microinverter firm Enphase just announced that 1,200 solar systems using Enphase microinverters have been installed in Southern California over the last two years that were financed through the HERO program. For solar power, it’s yet another innovation in financing that is making installing solar power an easier and cheaper decision.