Dive Brief:
- Los Angeles County, Calif., voted to make the Home Energy Renovation Opportunity (HERO) Property Assessed Clean Energy (PACE) program available to local residents.
- HERO makes energy- and water- saving renovations affordable for property owners by providing long-term, competitive financing through an additional property tax assessment.
- According to Greentech Media, California leads the nation with more than $500 million in completed residential PACE projects.
Dive Insight:
HERO makes energy renovations affordable by providing financing, which is then repaid through property taxes. Payments are made through the property tax bill over up to 20 years, and interest is tax-deductible.
The HERO program has helped to create more than 4,300 jobs in California since its launch in December 2011. The program has helped to fund more than 26,500 residential projects, totaling more than $514 million in financing.
A wide variety of efficiency products are available to property owners through the HERO Program. Some of HERO's most popular products include water-saving technologies, solar power panel installations, whole-home heating and cooling (HVAC) systems, energy-saving windows and doors, roofing and insulation.
"It's good to see the LA County Board of Supervisors helping to conserve energy by approving the Residential PACE program that will help Angelenos conserve water, use less electricity, and harness renewable energy at home," said Los Angeles Mayor Eric Garcetti. "Our collaboration with the County on this program will be another engine driving the creation of local green jobs while saving Angelenos money on their utility bills."
