FRESNO, CA — Property owners in Fresno now have access to the HERO Program, the largest energy efficiency financing program in the nation. HERO is a local-government approved program that provides private funding to enable property owners to make energy- and water-efficient upgrades. More than 150,000 products are available to property owners, who repay the HERO loan through their property taxes as part of the Property Assessed Clean Energy program.
Among the most popular upgrades are whole-home heating and cooling (HVAC), solar power panel installations, energy-saving windows, doors, roofing and insulation, among other types of energy and water saving improvements. Property owners are able to borrow up to 15% of the property value and repay the loan over 5, 10, 15 or 20 years through an assessment on their property tax bill. Interest payments on the loan are tax deductible.
HERO is different from traditional consumer financing because it is based primarily on the equity a property owner has and because HERO does not base decisions on household income or FICO scores.
“Fresno residents need cost-efficient ways to make energy and water efficiency upgrades,” said City of Fresno Development and Resource Management Department Director Jennifer Clark.
The HERO financing program provides several benefits to our community by enabling property owners to improve the comfort of their homes with innovative energy solutions, while contributing to the local economy and local environmental sustainability efforts.
HERO will be available in more than 120 communities in California this year. The program has helped fund more than 10,000 residential projects for energy efficient upgrades through access to more than $165 million in financing. The HERO program has helped create more than 2,100 jobs in California.
More than 1,300 contractors in the state have registered for the program and can offer HERO to their customers. All registered contractors receive comprehensive training in the program to promote excellent service and accurate information for consumers.
HERO is 100% voluntary for both cities and property owners. Cities looking to offer HERO merely need to pass a resolution approving a PACE program and authorizing HERO as a lending provider.
About HERO: The HERO Program is a private-public partnership that enables any city or county to offer Property Assessed Clean Energy (PACE) financing to property owners within their community. The Program is privately funded and requires no cost outlays by the participating communities. HERO has been adopted by more than 120 cities in California, funded more than $165 million in energy and water efficiency projects, and created more than 2100 jobs to date. To learn more about HERO, visit www.heroprogram.com.
ST Staff Writers
This post was prepared by Solar Thermal Magazine staff.