SAN DIEGO — More than 240,000 homeowners in 28 California communities who want to go solar or make efficiency-related repairs and upgrades may now finance 100 percent of their home projects through the HERO Property Assessed Clean Energy (PACE) program.
HERO financing allows homeowners to pay for projects like new heating and air conditioning systems, drought-tolerant landscaping, and efficient windows and doors over time at a fixed interest rate. They do so through an additional line item on their property taxes. As a result, HERO financing payments may have tax benefits, and many homeowners see immediate savings on their utility bills by investing in efficiency upgrades.
“HERO is already empowering homeowners across California to make their homes more comfortable, lower their utility bills, and combat climate change,” said Blair McNeill, vice president of market development at Renovate America, the company that administers the HERO program. “We look forward to doing the same thing for the homeowners in these new communities. HERO will also provide a boost to local businesses and create jobs in these cities and counties, just as it has across California.”
By stimulating home renovation activity, the HERO program increases demand for local contractor services and is estimated to have spurred the creation of 18,100 California jobs since its launch. Many of these jobs, like those in the construction industry, cannot be outsourced or automated. In total, HERO has already generated a positive economic impact of $3.69 billion in California.
Following the announcement, 88 percent of California households now have access to this innovative financing program. Over the last five years, HERO has helped fund residential efficiency projects in more than 88,100 households across California.
Publication date: 3/6/2017