Homeowners in Milpitas, Petaluma, Pismo Beach, Pleasanton, and Truckee now have access to innovative financing option that empowers energy saving, water saving, and renewable-energy home improvements.
Five more California cities recently joined the hundreds that already have access to HERO financing, the nation’s largest residential Property Assessed Clean Energy (PACE) option. Backed by industry-leading consumer protections, HERO empowers property owners to make energy saving, water saving and renewable energy home improvements and pay for the upgrades over time at a competitive, fixed interest rate through a voluntary line item on their property taxes.
Eligible HERO improvements include rooftop solar, energy-efficient windows and doors, high-efficiency heating and cooling systems, and water capture systems. In addition to helping homeowners save energy and water, HERO-financed improvements can reduce greenhouse-gas emissions and support local jobs – all at no cost to local government budgets.
Since HERO first launched in late 2011, more than 440 California cities and counties have made it available to their residents. In October 2018, HERO became available to more than 65,000 homeowners across five additional California cities: Milpitas, Petaluma, Pismo Beach, Pleasanton and Truckee.
Over the past six years, owners of nearly 120,000 homes in California have used HERO financing to make energy and efficiency improvements. It is projected that these improvements will save residents nearly $3.5 billion on their utility bills over the expected useful lifetime of the products installed. These improvements are also projected to reduce greenhouse-gas emissions by 4.9 million tons – equivalent to taking more than 950,000 cars off the road for a year.
HERO financing is backed by industry-leading consumer safeguards, such as live, recorded telephone calls to confirm financing terms with homeowners, written disclosures modeled on the federal “Know-Before-You-Owe” forms for mortgage lending, and a guarantee that contractors do not get paid until homeowners certify that a project is done to their satisfaction. HERO also uses a data-driven contractor quality rating system that tracks customer satisfaction in real-time and removes contractors that fail to maintain excellent or good ratings.
Homeowners interested in applying for HERO financing or who wish to learn more should visit renovateamerica.com/financing/hero. Contractors interested in offering HERO financing can register at renovateamerica.com/contractors.