New form of financing provided to help residents install solar, HVAC, energy-saving windows, water-saving technologies and more; Payments made through property taxes, interest is tax-deductible
Hero adopted by 298 CA jurisdictions, more than $570m in funded projects, 4,850 jobs created
San Mateo County, Calif., April 14, 2015– The City Councils of Burlingame and San Carlos have voted to make the HERO Property Assessed Clean Energy (PACE) program available to local residents. Nine other communities in San Mateo County have already approved HERO, including Daly City, Foster City, Menlo Park, Redwood City, San Bruno, the city of San Mateo, South San Francisco and Woodside, as well as the unincorporated areas of the county. Burlingame and San Carlos residents may begin submitting applications for HERO financing in summer 2015.
HERO enables homeowners and commercial property owners to make energy- and water-efficiency improvements and pay them off through their property tax bill. Property owners repay the assessment over 5, 10, 15 or 20 years. Interest is tax deductible, and homeowners see immediate savings on electric and water utility bills.
“Homeowners know that investing in energy and water efficiency saves money in the long run. Now most homeowners can access affordable financing to make these efficiency upgrades,” said Blair McNeill, Vice President of Community Development for Renovate America, the company that administers the HERO Program. “HERO is helping homeowners realize tomorrow’s energy efficient future today.”
The HERO Program has now been adopted by 298 communities in California. HERO’s success in California is part of a national trend, with PACE programs now flourishing in 31 states. The new financing model is quickly becoming a cornerstone of America’s push for cleaner power and energy independence.
A wide variety of energy-saving products are available through HERO. Some of HERO’s most popular products include solar power panel installations, whole-home heating and cooling (HVAC) systems, energy-saving windows and doors, and roofing and insulation.
As California’s drought drags on, eligible retrofits give homeowners a fast, affordable way to lower their water bill and conserve a desperately-needed resource. HERO has more than 50 product lines to help homeowners save water, including high-efficiency toilets, faucets and showerheads; drip irrigation systems; rainwater catchment systems; gray water systems; and artificial turf and drought-tolerant landscaping.
HERO now serves 10 million households in California. It has helped fund more than 29,000 residential efficiency projects, totaling more than $570 million in financing. By stimulating home renovation activity, the HERO program increases demand for contractor services. In this way, HERO has helped to create 4,850 jobs in CA since beginning in earnest in December 2011.
Cities and counties need only pass a resolution in order to make PACE programs like HERO available to local property owners. The program has received the Governor’s Environmental and Economic Leadership Award, the Urban Land Institute Best of the Best and the Southern California Association of Governments President’s Award for Excellence. Taking part in the HERO Program is 100% voluntary for both jurisdictions and property owners. The program is cost neutral to participating local governments.
For more information please visit www.HeroProgram.com. To schedule interviews with local HERO representatives, elected officials, homeowners, or contractors, or for a media kit, please contact Severn Williams at 510-336-9566, or firstname.lastname@example.org.