SAN DIEGO—Renovate America, the leading provider of residential Property Assessed Clean Energy (PACE) financing in the US, has completed its fourth securitization of PACE Bonds by issuing $159,783,000 in class A notes rated AA by Kroll. The company completed the first three securitizations of PACE Bonds in 2014 and the first quarter of 2015.
Renovate America partners with local municipalities to provide the HERO Program (Home Energy Renovation Opportunity) to property owners, who in turn use the program to finance a wide variety of products to conserve water and save energy including: solar power; energy efficient HVAC, windows, roofing; water capture systems and artificial turf. HERO is unique in that it provides 100% financing for energy and water savings products for up to 20 years with fixed interest rates designed to make payments affordable. Property owners make payments along with their property taxes.
Since 2011, the HERO Program has helped more than 34,000 property owners make more than $760 million in improvements to their homes which reduce energy and water consumption, saving homeowners over $1.5 billion in estimated future utility costs and more than 1.1 billion gallons of water. More than 6,400 local jobs have been created as a result of HERO.
"As the industry leader in Property Assessed Clean Energy programs, we envision the HERO Program becoming a growing trend in communities across the nation," said J.P. McNeill, CEO of Renovate America. "HERO helps homeowners and local businesses make smart investments, which not only generate lower utility bills, but in aggregate help communities realize a number of objectives. Local job growth, energy conservation, water conservation, renewable energy, cleaner air, affordable housing, and more consumer protections are all reasons why communities implement HERO."
HERO is the largest and most successful Residential PACE Program in the United States. More than 320 cities and counties have adopted the program, including the cities of Los Angeles, San Francisco, San Diego, San Jose, Fresno, Riverside, Anaheim, Santa Ana, Bakersfield, and San Bernardino. The HERO Program has received more than 10 awards nationally including the Governor's Environmental and Economic Leadership Award in California, the Urban Land Institute Best of the Best, and the Southern California Association of Governments President's Award for Excellence.