HERO Financing allows homeowners to make green home improvements affordably
Homeowners have more opportunities than ever to improve their homes with energy efficient and eco-friendly upgrades thanks to HERO Financing. PACE (property assessed clean energy) is a program developed through HERO (home energy renovation opportunity). The program helps homeowners become more energy efficient and reduce pollution emissions. Eligibility for the program or products varies depending on the applicant’s location.This program is currently being offered in 352 communities throughout California.
On September 22, 2015, HERO announced program availability in 25 additional communities, making HERO accessible to 360,000 additional housing units across California! This includes 23 cities and two counties. With this latest addition, 78% of Golden State households can now use HERO to lower their utility bills while helping the environment.
To date, HERO has funded more than 42,500 residential energy efficiency, renewable, and water conservation projects, totaling more than $846 million in financing, and has helped to create more than 7,000 California jobs through these investments. Over the past four years, the program has been operating in various counties of Southern California with great success. Now, with San Francisco offering the program to their residents, other Northern California communities are making the program available to their residents. To further increase the expansion of this program, on August 24th the Federal Housing Administration (FHA) was directed by President Obama to allow properties to be purchased and refinanced with PACE loans when applying for an FHA-insured mortgage. The goal of making PACE loans more attainable is to inspire and create incentives for energy saving renovations nationwide.
HERO provides financing for a variety of energy saving products. The program offers a list of over 900,000 products they offer financing for on their web page.The process to apply for the program is simple. Applicants fill out required paperwork and select the energy saving renovations they desire along with a contractor. After the paperwork is signed and they are approved, the process begins. To offset the initial costs of renovations customers pay for the energy efficient improvements over time through their property taxes. Since 2011, $800 million in clean energy improvements have been made on approximately 35,000 homes. This program is expected to continually grow over the years and help save energy.
Commercial and residential properties both qualify for the program, for more information on what properties qualify visit the HERO webpage . The website has thorough explanations for their frequently asked questions and has additional information regarding how the program operates. Interested parties can also check out their vibrant YouTube Channel, which features many testimonials from happy applicants. Take a moment to review the full list of participating areas here.