Renovate America, provider of residential Property Assessed Clean Energy (PACE) announced that they raised $50 million in growth equity from investors.
In partnership with municipalities, Renovate America provide the HERO Financing Program to property owners, who reuse the program to finance various products to lower utility bills like solar power; energy efficient HVAC, windows, roofing; and water-saving products such as artificial turf.
So far, the company has financed over $250 million in HERO residential energy-efficient projects, which are estimated to save homeowners $530 million in lower utility bills.
JP McNeill, CEO, Renovate America, stated, “HERO has helped homeowners invest in save energy and water. We are partnering with all cities and counties who have made HERO available to their constituents. HERO is helping communities to save money, create local jobs, stimulate local economies and lower emissions. This additional equity investment will enable us to develop HERO further.”
Moving further, HERO is made possible by PACE legislation that guides property owners with a method to finance energy efficiency improvements through their property tax payments. PACE assessments can be transferred to the new owner also when the property is sold.
Besides, Renovate America provides funding, administration, technology, training, customer support and a call center that assists contractors and property owners with the application and approval process.
In addition, HERO Protect, provides all customers with consumer protections to ensure homeowners are satisfied. HERO Pro, assists contractors with estimating and document processing.
The HERO Program offers comprehensive services combining together funding, software and consumer protections that make home improvements available to more property owners in a safer and affordable manner, sources added.
Further, HERO has been adopted by more than 165 California cities and the program has financed more than $250 million in projects and created more than 2,300 jobs since the launch in 2011.