As HERO-financed home solar installations reach 20,000, Renovate America expands offerings to help grow contractors’ business
LAS VEGAS, Sept. 12 – Renovate America’s HERO Program has now financed nearly 20,000 residential solar power installations, resulting in the creation of almost 5,000 clean-energy jobs. The figures, along with a number of new solar product offerings announced today at SPI, North America’s largest solar trade show, underscore the increasingly powerful synergies between HERO financing and rooftop solar.
Since it launched in late 2011, the HERO Program has financed more than 119 megawatts of solar generating capacity. That’s more than all the rooftop solar that had been installed as of January in the following states, combined: Alaska, North Dakota, South Dakota, Nebraska, Mississippi, Wyoming, Alabama, Oklahoma, West Virginia, Kansas, Arkansas, Idaho, Montana, South Carolina, Kentucky, Rhode Island, Indiana. Maine, Illinois and Minnesota.
The HERO Program is the largest residential Property Assessed Clean Energy (PACE) platform in the U.S., having financed more than $1.75 billion in home energy and efficiency improvements across more than 75,000 homes. In addition to providing financing for rooftop solar, the HERO Program can be used by homeowners to install energy-efficient products like HVAC, windows, and roofing.
“HERO has been instrumental in expanding access to solar for thousands of homeowners, many of whom are attracted by its competitive interest rates and stringent consumer protections,” said Greg Memo, Executive Vice President of Business Development and Product Strategy at Renovate America. “We aim to build on the program’s success by expanding our offerings around solar and partnering with leading contractors and distributors.”
Today, Renovate America is announcing a number of solar product and programs, including the introduction of a 25-year financing term for the HERO Program. This will provide the lowest monthly payment option, making solar more affordable to home owners.
Another new program is HERO Direct Pay, which allows contractors to take on new jobs without having to worry about spending cash out of pocket or tying up credit on job materials. HERO Direct Pay is possible thanks to Renovate America’s partnerships with some of the nation’s largest equipment distributors, including CED Greentech, Affordable Solar, Soligent, Krannich Solar, and US Solar. With HERO Direct Pay, distributors ship materials without upfront payments. When the project is complete, HERO pays the contractor and the distributor directly.
Contractors can also overcome working-capital constraints through HERO Project Advance. With HERO Project Advance, qualifying contractors can automatically receive an upfront advance of 30 percent of the HERO project amount. When the project is completed, the contractor receives the remaining HERO project amount less applicable interest.
In addition to financing the installation of residential rooftop solar panels, the HERO Program can be used to cover the cost of related solar work such as roof repairs, electrical-box upgrades, installation of solar battery technology and even home EV charging stations.
Finally, through the HERO Program’s exclusive PACE partnership with the Electric & Gas Industries Association (EGIA), participating contractors can receive additional member benefits through the EGIA marketplace.
HERO provides 100 percent financing for energy and water saving products with fixed interest rates designed to make payments affordable. Homeowners make payments along with their property taxes, and in the event the property is sold, the remaining balance may be able to transfer to the new owner.
Contractors interested in learning more about the HERO Program can help grow their business can visit www.heroprogram.com/contractors or stop by Booth 1702 at SPI.
About Renovate America
Renovate America partners with state and local governments to offer HERO, a property assessed clean energy (PACE) financing program, to communities. HERO is the leading residential PACE program in the U.S. and has financed more than $1.75 billion of improvements. This unique public-private partnership offers consumers access to financing for more than 60 types of home energy improvements without the need for government funding. The HERO Program has received a number of recognitions including a Climate Leadership Certificate for Innovative Partnerships by the U.S. Environmental Protection Agency, inclusion in the 2016 White House Water Summit, the Governor’s Environmental and Economic Leadership Award in California, and the Urban Land Institute Best of the Best.