The city of Ventura has joined six other Ventura County cities in adopting the HERO Property Assessed Clean Energy program, also known as PACE, which will allow residents to install environmentally friendly improvements to their homes without the sometimes daunting upfront costs.
Rather than provide the funding for the energy-efficient improvements at the time of installation, the HERO PACE program gives homeowners loans for the improvements and allows repayment through their property tax bills over varying periods between five and 20 years.
Oxnard and Port Hueneme adopted the HERO program in November 2014 and are currently in the establishment phase, accepting applications from residents who wish to take part.
Matt Messina, community development manager for the HERO Program, says that it “breaks down the barrier” of high entry-level costs for homeowners who believe that they can’t afford the upgrades. The repayment plan has a variable interest rate between 6 percent and 8.75 percent. Read more.
