Innovative financing mechanism enables homeowners to make energy and home-hardening improvements and brings industry-leading consumer protections
MIAMI, May 1 – Tens of thousands of Miami homeowners now have access to HERO residential financing, the nation’s leading Property Assessed Clean Energy (PACE) financing platform. HERO empowers property owners to make energy-efficiency, renewable-energy and hurricane-resiliency improvements to their homes and pay for eligible upgrades over time as an additional, voluntary line item on their property taxes. In partnership with the Florida Development Finance Corporation (FDFC), HERO enables communities to modernize and make their housing stock more efficient and resilient, while giving small businesses the tools they need to grow.
HERO launched in Florida in Summer 2017, and is available to the owners of over 2.5 million Florida homes across more than 90 communities. With this launch, nearly 500,000 homes are now eligible for HERO in the cities of Fort Lauderdale, Pembroke Pines, Doral, Longwood, Oviedo, Indian Harbour Beach, the village of Pinecrest, and unincorporated areas in Hernando and Manatee Counties, in addition to the City of Miami.
Eligible HERO improvements include those that can prepare homes for future storms – such as wind-resistant roof-to-wall connections, impact windows and doors, and storm shutters – as well as products that allow for greater energy independence or that may help lower utility bills, like rooftop solar and high-efficiency air conditioning systems. These improvements are projected to save HERO homeowners across the country billions of dollars on their energy bills and reduce greenhouse-gas emissions by more than 4.8 million tons – equivalent to taking nearly one million cars off the road for a year. Many homeowners who use PACE financing also report lower insurance premiums, and safer, more comfortable homes.
“The City of Miami welcomes HERO as both an option for homeowners and a vital tool that will help us meet our resiliency and energy goals,” said Miami Mayor Francis Suarez. “With resiliency being among our highest priorities, it requires a comprehensive approach that utilizes resources from both the public and private sector. We will continue to create and develop innovative solutions to build a stronger and more efficient community for our future.”
In addition to making neighborhoods across Florida more sustainable and resilient, HERO enables active communities to boost their local economies as it spurs demand for home-improvement contracting services and creates clean energy jobs – at no cost to local government budgets. HERO is now estimated to have created more than 25,000 jobs, a key milestone that underscores the economic value of the innovative financing mechanism.
“We are proud of the significant economic and environmental benefits HERO produces for our partner communities and are absolutely thrilled to make this resource available to homeowners in Miami,” said Roy Guthrie, CEO of Renovate America, the company that administers HERO. “HERO’s industry-leading consumer protections provide homeowners added security and peace of mind as they invest in their family’s most important asset: their home.”
HERO’s top-rated consumer protections go beyond those found with other forms of home-improvement financing. To help homeowners easily understand their financing terms before they finalize their contracts, HERO provides homeowners with written disclosures modeled on the federal “Know-Before-You-Owe” forms for mortgage lending and confirms terms with all customers in a live, recorded call. Additionally, all contractors who make HERO-financed improvements have agreed to not receive payment until the homeowner confirms they are satisfied with the finished project.
Florida homeowners who want to see if HERO is right for their home should visit www.renovateamerica.com/financing/hero/communities. Local contractors interested in learning more about HERO should visit www.renovateamerica.com/contractors.
About Renovate America
Renovate America offers a tech-enabled financing platform for home improvements that empowers communities to modernize and make their housing stock more efficient, while giving small businesses the tools they need to grow. HERO, Renovate America’s Property Assessed Clean Energy (PACE) financing option, is the nation’s leading residential PACE program. Renovate America has built the world’s largest green bond platform, with a volume of originations that enables securitization of HERO PACE bonds multiple times a year, attracting international investment to meet U.S. clean-energy objectives.
About the Florida Development Finance Corporation
The Florida Development Finance Corporation (FDFC) is a special development finance authority created by State Legislation under Chapter 288, Part X of the Florida Statutes and formed as a 501(c)(4) not-for-profit corporation. Although not a State Agency, the FDFC is a statewide conduit issuer that provides access to capital for project finance. Over the past 20 years, the FDFC has assisted over 90 Florida-based businesses to finance over $2 billion in tax-exempt & taxable bonds for qualified projects and borrowers.