News
Press Release
February 09, 2018
Jobs, Growth, Savings: New Reports Shed Light on Impact of Renovate America’s HERO Financing in California

Over $420 million in projected lifetime utility-bill savings from HERO-financed home energy and efficiency improvements in second half of 2017

SAN DIEGO, Feb. 9, 2018 – Energy-efficiency, water-efficiency and renewable-energy home improvements financed through Renovate America’s HERO PACE financing option in California during the second half of 2017 are projected to save homeowners more than $420 million on their utility bills over the expected useful lifetime of the products installed.

That’s according to a compilation of reports Renovate America filed this week with its bond-issuing partners in California that provide detail on the impact HERO is having in their participating communities. The reports are required under California’s new Property Assessed Clean Energy (PACE) legislation, which Renovate America strongly supported and which began taking effect last month. The reports, which all California PACE program administrators are required to submit twice a year, provide transparency that is critical to better understanding how PACE operates in the home improvement industry, as well as the benefits of PACE programs. 

The reports show that between July 1, 2017, to December 31, 2017, Renovate America’s HERO Property Assessed Clean Energy program financed nearly $346 million in home improvements across 14,350 assessments in the State of California. 

The home-improvement activity spurred by HERO financing during this period helped create an estimated 3,116 jobs and generated more than $533 million in economic impact across the state.

Nearly 75% of the assessments originated in the second half of 2016 covered energy-efficiency improvements that are projected to save homeowners over $180 million on their utility bills over the expected lifetime of the products installed. Over 11,600 of the more than 19,000 energy-efficiency projects financed involved equipment that exceeds the enhanced energy-efficiency standards of the federal Energy Star program. For example, to qualify for the Energy Star label, central air-conditioning units must carry a minimum seasonal energy-efficiency ratio (SEER) rating of at least 15. The average SEER rating for central air conditioning units installed using HERO financing during the reporting period was over 16.

Nearly a quarter of the assessments funded renewable-energy improvements such as rooftop solar PV systems that are projected to save homeowners over $223 million on electricity bills during the expected lifetime of the products installed. 

More than 1,600 water-saving improvements were installed using HERO financing, which are projected to save over 1.67 billion gallons of water over the expected lifetime of the products installed. This is equivalent to the amount of water that would fill over 2,500 Olympic-sized swimming pools.

The HERO-financed improvements during the reporting period are projected to reduce carbon emissions by over 542,000 tons over the lifetime of the products installed. This is equivalent to taking over 105,000 cars off the road for a year. 

Please download a compilation of the reports here.

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About Renovate America

Renovate America offers a tech-enabled financing platform for home improvement and commercial retrofits that empowers communities to modernize and make their housing stock more efficient, while giving small businesses the tools they need to grow. In addition to financing home improvements through an unsecured lending product, Benji, Renovate America offers communities HERO financing. HERO is the leading residential Property Assessed Clean Energy (PACE) program in the U.S. and has been used by the owners of over 110,000 homes to make energy and efficiency improvements. It is estimated that HERO is on track to save billions of dollars in energy and water bills, and has created over 23,000 local trade jobs that cannot be offshored or automated. 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.