Published on February 2nd, 2016 | by James Ayre3
HERO Program Has Created More Than 10,000 Local Jobs In California
February 2nd, 2016 by James Ayre
More than 10,000 local jobs have been created in California as a result of the HERO Property Assessed Clean Energy (PACE) program, according to a new press release.
The jobs are the result of the more than 50,000 home improvement projects completed via the HERO PACE program since its launch back at the end of 2011.
A bit of background here — HERO financing was created in order to allow homeowners to “make energy- and water-efficiency improvements and to pay for them over time through their property tax bill. This financing may have tax benefits and homeowners may see immediate savings on utility bills.”
As one can probably guess, the new jobs mentioned above have mostly been for contractor services in the renewable energy and energy efficiency sectors.
“What we set out to do in communities throughout California was provide an option for homeowners to affordably choose energy efficiency, renewable energy, or water conserving products when they made needed repairs,” stated JP McNeill, CEO of Renovate America, the company that administers the HERO Program. “We’ve now done that for 50,000 homeowners — and in turn more than 10,000 new jobs have been created in California.”
The new press release provides more:
The majority of homeowners who choose HERO had a system in their home fail or need replacement or an upgrade. HERO’s PACE financing allows them to make an investment in their home that is likely to lower its operating cost, with no upfront cash required, and to be paid back over terms based on the useful life of the product through their property tax collection. Those terms are often longer than credit cards or home equity lines of credit would allow, bringing monthly payments within reach.
…A recent study conducted by nationally-recognized housing economist Laurie Goodman showed that on average homes with HERO improvements sell at a price premium that can range from $199 to more than $8,800. That means energy and water projects recover and often exceed the investment, compared to recent studies showing popular kitchen and bathroom remodels recover only 58% to 66% of their costs. Homeowners may also benefit immediately from efficiency-oriented improvements through lower utility bills and potential tax benefits.