News
Press Release
August 02, 2018

Reports Shed Light on Benefits of HERO Financing in California

Over $220 million in projected lifetime utility-bill savings from HERO-financed home energy and efficiency improvements in first half of 2018

SAN DIEGO, Aug. 2 – 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 $220 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, 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 January 1 and June 30, 2018, Renovate America’s HERO Property Assessed Clean Energy program financed nearly $182 million in home improvements across 7,328 assessments in the State of California.

The home-improvement activity spurred by HERO financing during this period helped create an estimated 1,639 jobs and generated more than $280 million in economic impact across the state.

The HERO-financed improvements during the reporting period are projected to reduce carbon emissions by nearly 300,000 tons over the lifetime of the products installed. This is equivalent to taking over 57,000 cars off the road for a year.

To download the report, please click here.