HERO financing program information available

Property Assessed Clean Energy promotes energy savings and local job growth

February 17, 2014

The Solano County Board of Supervisors approved a resolution on Tuesday, August 27, that set the stage to allow the HERO Financing Program to offer private financing for residential Property Assessed Clean Energy (PACE) projects throughout the county. 

PACE programs enable participating property owners to pay for approved energy- and water-saving improvements over time through their property tax bills, promoting growth in property values, energy savings and local job creation. 

The public-private partnership permits homeowners to take advantage of affordable financing for solar power, efficient heating and cooling systems, high-efficiency windows and other energy and water upgrade projects that improve comfort and lower utility bills.

"Given the strong demand we've seen in the commercial PACE financing program we instituted last year, we are excited to finally roll this financing option out to residential property owners," said Solano County Supervisor Erin Hannigan. “As local elected officials, our Board is particularly focused on job growth and supporting strong property values, and this program does both. It also helps the County meet state mandates to reduce greenhouse gas emissions.”

The resolution was the first step in establshing the new PACE program in Solano County. 

Communities throughout California have been steadily adopting the HERO financing program since it debuted in Western Riverside County less than two years ago. The HERO Financing Program has helped to create more than 1,500 jobs and more than $308 million in funding has been approved across California since January 2012. To date, the program has reduced 11,000 tons in greenhouse gas emissions, and projects a total reduction of 202,000 tons of emissions when currently-approved projects are completed.

HERO is the largest and most successful residential PACE program in the nation. It has been approved in more than 75 communities in the California. The program has received more than 13,000 applications from property owners and generated more than $312 million in economic stimulus. More than 1,000 contractors in the state have been approved to offer HERO Financing to their customers. All registered contractors are provided with a comprehensive training program that ensures excellent service and accurate information for customers.

“Californians clearly see both personal and community benefits to going solar power,” said Tyler Michael Sales Manager at Heliopower. “The HERO Program is a great way for homeowners to embrace the benefits of solar power at an affordable price.”

To bring HERO to a community, local governments need to pass a resolution that allows HERO to operate within their jurisdiction. The HERO program takes care of all the administration and participation is 100% voluntary for municipalities and property owners. Only participating property owners see an increase to their property assessments, and interest is typically tax deductible.

About HERO

The HERO Financing Program is a private-public partnership that enables any city or county to offer PACE financing to property owners within their community. The Program is privately funded and requires no cost outlays by the participating communities. HERO has received many awards, including the Southern California Association of Governments (SCAG) President’s Award for Excellence and the United States Green Building Council (USGBC) California Top 10 Green Building Policies for Municipalities. To learn more about HERO, visit www.herofinancing.com.