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Fresno estimates $56M from HERO program

Published on 05/30/2014 – 9:53 am
Written by Business Journal staff
Officials with the City of Fresno expect to see more than $56 million in local economic activity through a new program that helps property owners save energy through their tax bills.

The HERO (Home Energy Renovation Opportunity) program, launched in the city in February, allows property owners to invest in water and energy improvements through loans that can be repaid over 20 years via a special assessment on their property tax bills.

So far, more than $5 million in applications have been approved in Fresno and nearly $1.5 million in energy saving projects have been started.

City officials estimate that the projects are likely to generate more than $56 million in local economic activity annually, which translates into 276 construction jobs each year.

“We really didn’t expect to see the program take off so fast,” said Mark Standriff, director of communications for the City of Fresno, in a release. “Particularly with pressures mounting on homeowners to find ways to cut back on water usage during the ongoing drought, there is a significant demand for this type of financing in our community. And with summer on the way, HERO is a great opportunity for homeowners to take fast action to be a part of the solution.”

HERO is the largest of several partnerships offering a Property Assessed Clean Energy (PACE) program in Fresno, joining commercial financing administrators like Figtree Energy Financing of San Diego and CaliforniaFIRST, a program sponsored by the California Association of Counties and the League of California Cities. Read more.