Vice President for Market Development, Blair McNeill, addressed the Supervisors decision from earlier today
SAN DIEGO, June 13 – Renovate America Vice President for Market Development Blair McNeill issued the following statement in response to a vote by the Kern County Board of Supervisors on Tuesday to reconsider Property Assessed Clean Energy in unincorporated portions of the county:
“We appreciate the public forum, as well as the dozens of Kern County homeowners who made their voices heard today and in writing to support how Property Assessed Clean Energy is working to help homeowners make needed improvements, create local jobs, and reduce energy and water use.
"The state of California created PACE and has continued to support it in subsequent votes as a priority lien because it is a voluntary, local property tax line item serving the public good in a number of ways. Additionally, the FHA, the VA, and hundreds of communities across the country have welcomed PACE and its positive impacts.
"PACE providers in California have worked to put in best-in-class, home-mortgage-level disclosures as well as live, recorded calls confirming homeowners understand all the terms of their financing – including reminding them energy savings may not be what was represented by their contractor. We work with our government bond-issuing partners on a daily basis to keep improving PACE as a viable option for homeowners. With interest rates as low as 2.99%, PACE is a very competitive financing option for Kern County homeowners.
"Without PACE in Kern County, there will be no public-private partnership checking contractor license status, requiring that contractors complete projects to homeowners’ satisfaction before they receive payment, and screening out contractors with poor records. Without PACE in Kern County, jobs will be lost. Without PACE in Kern County, most importantly, homeowners will lose an option to improve their homes, make them more efficient, modern, and comfortable.”
About Renovate America
Renovate America offers a tech-enabled financing platform for home improvement and commercial retrofits that empowers property owners with financing options, efficient product choices, and access to a network of quality contractors through RenovateAmerica.com the company’s new digital destination. In addition to financing home improvements through an unsecured, soon-to-be-national 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 financed more than $2.3 billion of home improvements in partnership with local governments. It is estimated that HERO has created more than 20,000 local 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.