HERO, which stands for Home Energy Renovation Opportunity, is the nation’s largest form of Property Assessed Clean Energy (PACE) financing. The introduction is expected to bring several benefits Florida Communities and to individual homeowners. With the availability of HERO funding, local contractors should see greater demand for household energy and resilience projects, which will give small businesses a boost. This in turn creates new jobs in the construction and installation sectors – jobs that cannot be outsourced or automated. For homeowners, the products eligible for PACE funding can lower utility bills or insurance premiums while making the home safer and more comfortable. HERO is a public-private partnership between participants Florida Cities and Counties, Florida Development Finance Corporation (FDFC), and Renovate America.
“Floridians are looking for ways to save energy and protect their homes, but don’t have access to affordable finance to make the improvements they need to get there. PACE gives Florida Homeowners have a new option, “said FDFC Executive Director Bill Spivey. “We hope PACE will also bring broader community benefits, create jobs, make neighborhoods more storm-resistant, and create a home improvement marketplace that homeowners can trust.”
Today’s start includes cities and counties with over 1.3 million residential units. These parishes include the cities of Orlando and Winter park;; Hillsborough County;; 26 cities in Broward County, including Hollywood, Pompano Beach, Deerfield Beach, and Coral Springs;; unincorporated areas of Broward County;; the cities of Hialeah, North Miami Beach and Miami Springs in the Miami-Dade County;; and the cities of West Palm Beach, Lake Clarke Shores, Palm Beach Shoresand golf in Palm Beach County;; Leon County;; Pasco County;; Charlotte County;; Fernandina Beach;; and Satellite beach. HERO will launch in more Florida Cities and counties later this summer.
Robust consumer protection and lower interest rates
HERO financing offers Florida Homeowners have fixed rates set between 3.49% and 7.99%, the lowest of any PACE provider in Florida. These new, lower interest rates will help make PACE financing affordable to millions of homeowners across the state, especially in cases where their alternatives are high-yielding options like credit cards. HERO also offers the highest level of consumer protection in the PACE industry, including safeguards like live phone calls to confirm financing terms with homeowners and a guarantee that contractors will not be paid until homeowners confirm that a project has been completed to their satisfaction. HERO also uses a data-driven contractor quality assessment system that tracks customer satisfaction and removes contractors who do not maintain good ratings.
“With HERO, churches on the other side Florida offer homeowners access to the lowest interest rates and protection in the PACE industry today, “he said Ari Matusiak, Executive vice president of market development and external affairs for Renovate America. “Not only do Floridians have a new way to run solar, protect their families from storms, or replace a broken air conditioner in the middle of summer, but they also have a public-private partnership that will help improve the entire home improvement industry.” “
The availability of HERO, like all PACE funding options in Floridais enabled through the vote of local governments to pass a resolution or ordinance that enables HERO to act in their communities.
HERO finances up to 100% of the home improvement needs, while the duration of the financing is based on the useful life of the product of up to 25 years and the costs are spread over time. The improvements eligible for PACE funding can also add value to a home. A recent study found that PACE rated homes got at least 100% of their investment back at the time of resale.
Homeowners interested in HERO funding or interested in learning more should visit https://www.renovateamerica.com. Contractors wishing to offer HERO funding can register at https://register.renovateamerica.com/.
Renovate over America
Renovate America provides an engineered home improvement and commercial retrofit financing platform that helps communities modernize and make their housing stock more efficient, while giving small businesses the tools they need to grow. In addition to home improvement funding through an unsecured loan product, Benji, Renovate America offers HERO funding to communities. HERO is the leading Residential Property Assessed Clean Energy (PACE) program in the United States and has been used by over 100,000 households to improve energy and efficiency. It is estimated that HERO is on track to save billions of dollars in energy and water bills, and has created over 20,000 local retail jobs that cannot be outsourced or automated. Renovate America has built the world’s largest green bond platform with an origination volume that enables HERO PACE bonds to be securitized multiple times a year and attracts international investment to meet US clean energy goals.
About Florida Development Finance Corporation
The FDFC is a special development funding agency established by state law under Chapter 288, Part X of the Florida Statues, and incorporated as a not for profit under 501 (c) (4). While not a government agency, the FDFC is a nationwide conduit issuer that provides access to capital for project finance. Over the past 20 years, the FDFC has helped over 90 Florida-based companies fund over $ 1.2 billion in tax-exempt and taxable bonds for qualified projects and borrowers.
Contact: Matt Bevens
SOURCE renovating America