Company: Renovate America
Source: The San Diego Union-Tribune
Renovate America is top provider of green financing program
Last August, Richard Hogan and John Hurrell received a $649 electric bill for their 1,720-square-foot Serra Mesa home.
It was a shocking amount – especially given that the coolest daytime temperature that their 20-year-old air conditioning system could achieve was 78 degrees.
That led Hogan and Hurrell to install a new heating and air conditioning system, as well as solar panels, on their house earlier this month. They are paying for the $37,000 energy upgrade through an emerging alternative green financing program called Property Accessed Clean Energy – or PACE.
“We are being very aggressive and going with a five year term,” said Hogan. “It is attached to our property taxes, which we liked. There are a lot of things you can do from an accounting standpoint to write off some of the interest.”
PACE loans have gained traction mostly in California – where San Diego-based Renovate America is by far the largest residential PACE financing provider.
The company has raised $175 million in venture capital since it was founded seven years ago. It has grabbed 90 percent market share among the handful of firms facilitating residential PACE financing to date. Over the past 14 months, its headcount has swelled from 165 employees to about 600 workers.