New Tool For Homebuyers to Finance Energy Efficient Upgrades

New Tool For Homebuyers to Finance Energy Efficient Upgrades

It’s a new program to help builders convince homebuyers to make energy efficient upgrades. 

Provider of residential property assessed clean energy (PACE) financing in the U.S., Renovate America, and the Missouri Clean Energy District (MCED) have just announced a recruitment effort. The goal is to register local contractors in Missouri to offer new kinds of financing to buyers to make energy-efficient and renewable energy improvements.

The program is called HERO, and it will enable clean energy upgrades to be paid for over time through local property taxes. Homebuyers and homeowners will get a fixed interest rate for terms of five to 20 years, based on the useful life of the product. The name HERO stands for Home Energy Renovation Opportunity.

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“HERO can solve that marketplace failure while helping homeowners save on energy bills, local contractors create clean energy jobs and local governments reduce emissions,” says Joe Suggs, vice president for operations in Missouri for Renovate America.

Through Missouri law, HERO will enable thousands more property owners in jurisdictions that adopt the program to finance improvements such as energy-saving roofing, windows and doors, a more efficient HVAC system, building insulation or solar panels.

“I’m very excited about the HERO program because it will make energy efficiency and renewable energy upgrades more affordable for homeowners– improving our customers’ sense of comfort in their homes while reducing their energy bills over time. HERO can be a game changer for my business and my customers,” says Steve Burbridge, co-owner of local contractors Anthony Plumbing, Heating & Cooling.

There a resources for contractors through HERO such as an integrated software platform that helps connect contractors with homeowners and hundreds of thousands of eligible products. HERO also offers low-interest working capital and marketing resources to help small home improvement contractors expand their businesses.

Homeowners qualify for the HERO program based on equity in the property and a proven track record of on-time mortgage and property tax payments.

And Missouri is not the only state offering a program like this. In California, where PACE financing began, HERO has been used by more than 66,000 homeowners since 2012 to make more than $1.5 billion in efficiency improvements, create more than 13,500 local jobs and generate more than $2.7 billion in local economic activity.

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About The Author

Andrea Medeiros is editor-in-chief, multimedia director and content developer at TecHome Builder. She is a former TV news reporter turned home technology guru and is using her broadcast journalism skills to help our team deliver complicated, tech-focused content in a conversational way. She has a decade of experience in the editorial realm—interviewing, writing and editing stories as well as shooting, editing and producing video content. She is most interested in covering interoperability among smart devices.

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