Starting today, more than 240,000 homeowners in 28 more California communities who want to go solar, or make efficiency-related repairs and upgrades can finance 100% of their home projects through the HERO Property Assessed Clean Energy (PACE) Program. The HERO program allows homeowners to pay for projects like new heating and air conditioning systems, drought-tolerant landscaping and efficient windows and doors over time and at a fixed interest rate. They do so through an additional line item on their property taxes. As a result, HERO financing payments may have tax benefits, and many homeowners see immediate savings on their utility bills by investing in efficiency upgrades.
“HERO is already empowering homeowners across California to make their homes more comfortable, lower their utility bills and combat climate change. We look forward to doing the same thing for the homeowners in these new communities,” said Blair McNeill, vice president of market development at Renovate America, the company that administers the HERO Program. “HERO will also provide a boost to local businesses and create jobs in these cities and counties, just as it has across California.”
By stimulating home renovation activity, the HERO Program increases demand for local contractor services and is estimated to have spurred the creation of 18,100 local California jobs since its launch. Many of these jobs, like those in the construction industry, cannot be outsourced or automated. In total, HERO has already generated a positive economic impact of $3.69 billion in California.
With today’s announcement, 88% of California households now have access to this innovative financing program. HERO launched this week in the cities of Belmont, Blue Lake, Dorris, Etna, Fort Bragg, Fremont, Grass Valley, Half Moon Bay, Hillsborough, Isleton, Loyalton, Nevada City, Newark, Pacifica, Paradise, Point Arena, Portola Valley, Redding, San Leandro, San Luis Obispo, Sutter Creek, Tehama, Watsonville, Weed, Yreka and Yuba City, and in the unincorporated areas of Colusa and Shasta Counties. Residents of these communities may now submit applications for HERO financing. Over the last five years, HERO has helped fund residential efficiency projects in more than 88,100 households across California.
News item from Renovate America