Company announces initiatives to simplify and improve business processes, reduce expense base, and focus on maintaining PACE leadership.
San Diego, Oct. 30, 2017 – The nation’s leading Property Assessed Clean Energy (PACE) provider, Renovate America, today announced restructuring and productivity initiatives designed to simplify and improve business processes, reduce its expense base, and focus the company on maintaining its leadership position in the PACE market space. Today’s announcements reflect swift actions by Renovate America’s new CEO Roy Guthrie and the company’s leadership team.
“After the successful effort we supported and endorsed this year to require in law strong new consumer protections for PACE in California, Renovate America is rapidly implementing a more advanced PACE product,” said Guthrie. “Our number one priority is delivering the most trusted and best PACE financing for our customers, partners and investors. Executed properly, this will enable us to continue to refine our multi-product and consumer-oriented platforms, positioning us for home improvement market share growth and expansion in the years to come.”
This restructuring includes a staff reduction of 100, including 76 in San Diego. The restructuring will consolidate some corporate functions – and follows the transition from company founder JP McNeill to Guthrie as CEO earlier this month to complete a new leadership team, the successful drive for PACE regulation and consumer protections signed into California law this month by Governor Brown, and the creation of an industry-first Contractor Quality Rating system.
Renovate America will also continue working with consumer advocates, clean energy supporters, and local governments in Florida and Missouri to help pursue PACE consumer protections in those markets in 2018, as well as to expand product eligibility in Florida to add flood mitigation projects to its financing of wind mitigation, storm resiliency, and energy efficiency and renewable energy.
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. 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 over 105,000 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.