The HERO Program – Home Energy Renovation Opportunity is a form of PACE (Property Assessed Clean Energy) financing with the Missouri Clean Energy District. The program offers homeowners a form of financing for energy efficient home upgrades which is paid back via their property taxes. Once a homeowner contacts a contractor in the program, the contractor evaluates and assess the most appropriate solution along with a project price. In Missouri, the HERO program is one of the homeowner’s options to finance the project.
The HERO program is offered by Renovate America, a company in a private public partnership with the Missouri Clean Energy District, which authorizes PACE (Property Assessed Clean Energy) energy efficient upgrade financing throughout Missouri. The homeowner is no cash out of pocket when they’re approved for HERO. To qualify for the HERO program in Missouri, the homeowner must have at least 10% equity in the home and be current on the mortgage payments and property taxes. Energy efficient project upgrades include heating and cooling (HVAC), solar panels, energy efficient water heaters, insulation, insulated siding, and some roofing.
Florida and California also have PACE programs and benefits from both programs have offered homeowners financing options for energy efficient upgrades, including upgrades after storm damage.
About Renovate America
“Renovate America offers a financing platform that helps Americans improve their homes while giving contractors the tools they need to grow their business. 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 115,000 homes to make upgrades that can save energy and water, generate renewable energy, or protect against storm damage. HERO-financed upgrades are projected to save homeowners billions of dollars in energy and water bills and are estimated to have created over 25,000 local trade jobs that cannot be offshored or automated. The sustainable nature of HERO-financed projects has enabled Renovate America to securitize over $3 billion in green bonds.” From Renovate America.
MIAMI, August 2 – “The owners of over three million Florida homes can now access HERO residential financing to pay for energy and efficiency improvements that may lower their utility bills as well as exterior upgrades that can protect their properties from severe storm damage.
HERO, the nation’s leading form of Property Assessed Clean Energy (PACE) financing, empowers property owners to make energy-efficiency, renewable-energy and hurricane-resiliency improvements to their homes with no money down. Homeowners then pay for the upgrades over terms of up to 25 years at a competitive, fixed interest rate via an additional, voluntary line item on their property taxes. HERO, which stands for Home Energy Renovation Opportunity, is a public-private partnership between participating Florida cities and counties, the Florida Development Finance Corporation (FDFC) and Renovate America. HERO launched in Florida in Summer 2017, and is now available in more than 100 communities across the state.” From Renovate America.
Mary Leslie is president of the Los Angeles Business Council, dedicated to uniting the power of business with the power of government for education and advocacy to promote environmental and economic sustainability. The following is an excerpt from her article on PACE.
“Property Assessed Clean Energy (PACE) financing is one of the fastest growing types of financing in California – and for good reason. Since 2007, PACE has helped more than 150,000 California homeowners make much-needed improvements to their homes that conserve energy and water, increase property values and lead to overall happier homeowners. Homeowners don’t pay anything upfront. Rather, PACE program administrators use private capital to cover 100 percent of the costs for projects like efficient air conditioning, solar panels, new roofs or other property upgrades. Homeowners repay the cost of the improvements on their property tax bill with fixed interest rates that can be paid over an extended period of up to 30 years.
As the President of the Los Angeles Business Council (LABC) representing over 450 businesses focused on energy, economic development, housing and transportation, I’ve seen firsthand how PACE financing is powering our local and state economies while improving the lives of California homeowners. …
Homeowners with PACE financing also benefit from energy and water savings that generate significant cost-savings over time. The water and greenhouse gas emission savings from PACE financing in Los Angeles have been a huge benefit to our region: PACE has decreased water consumption in LA County by more than 13 million gallons annually. Fossil fuel usage has been cut by more than 105 million kilowatt-hours annually, the equivalent of taking more than 10,000 cars off our roads.”
To read the full article, go to Clearing the air on Property Assessed Clean Energy (PACE).
To learn more about PACE and the financing options it may offer for energy efficient home upgrades, read more and listen to the podcast HERO Program – Financing Energy Efficient upgrades with Theresa Garza of Renovate America
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