An additional 38 cities and three counties across California have launched the Home Energy Renovation Opportunity (HERO) Property Assessed Clean Energy (PACE) program. The program enables homeowners and commercial property owners to pay off energy- and water-efficiency improvements through their property tax bill.
The HERO Program has been adopted by 290 California communities since launching in December 2011. HERO is now available to 10 million California households. To date, it has funded more than 28,000 residential efficiency projects, totaling more than $552 million in financing. The program has helped to create 4,700 local jobs through these investments.
“Saving water and energy has never been a higher priority for California households. We’re honored to have the opportunity to partner with hundreds of California communities in efforts to conserve resources and stimulate job growth by providing a new financing option for homeowners,” said J.P. McNeill, CEO of Renovate America, the company that administers the HERO program.
A variety of energy-saving products are eligible for HERO financing, including HVAC systems, solar panels, insulation, and more. With California’s severe drought, HERO also gives homeowners an affordable way to install new water-saving technologies.
Property owners repay the assessment over five, 10, 15, or 20 years through their property tax bill. Interest is tax deductible, and homeowners see immediate savings on electric and water utility bills.
“We’ve heard time and again from our contractor partners that HERO financing drives up demand for their services,” said McNeill. “We’re proud to offer a product that helps individual homeowners, local economies, and the environment all at the same time.”
The latest cities to launch include Berkeley, Brentwood, Calexico, Calipatria, Coachella, Commerce, Daly City, Desert Hot Springs, Dixon, Fountain Valley, Holtville, Hughson, La Habra, Livingston, Lodi, Oakley, Oxnard, Palm Desert, Parlier, Port Hueneme, Rancho Santa Margarita, Redondo Beach, Redwood City, Ripon, San Bruno, San Clemente, San Fernando, San Pablo, San Ramon, Sebastopol, Selma, Shafter, Simi Valley, South Lake Tahoe, Tehachapi, Walnut Creek, and Woodside. It also launched in the counties of Fresno, San Mateo, and Sonoma.
HERO requires participating contractors to undergo rigorous training aimed at ensuring customers are fully informed about the costs and benefits of the program. Funding for projects is made available to the contractor only after the homeowner has indicated full satisfaction with and completion of the project. HERO also staffs a hotline to respond to homeowner queries that is available 15 hours a day. In a recent survey, 96 percent of more than 2,000 participants in the program said they would recommend HERO to a relative or friend.
For more information about the HERO financing program, visit www.heroprogram.com.