Originally published on the ECOreport.
Sacramento was one of the 16 cities and five counties that recently adopted the HERO Property Assessed Clean Energy (PACE) Program. Now 85% of California can apply for HERO PACE loans.
Some customers are actually saving money, in terms of their cash flow, by making energy efficiency upgrades through the PACE program.
Not too long ago, I stumbled across this phenomenon with another PACE program. A Florida homeowner is paying less than they had prior to renovations because of substantial reductions in their energy bills and house insurance. (She lived in an area where insurance premiums are high because of the threat of hurricanes.)
Another example is in the video below. Though Mr Smith does not mention how much his property tax increased, he did say his energy bill has dropped from $450 to $210 and “I save more than I pay.”
Homeowners do not make any upfront payments for PACE projects. They are financed for periods up to 20 years, based on the useful life of the product, and paid back through the homeowner’s annual property tax bill.
The Smiths were actually able to save money by installing new insulation, more efficient windows, and new air ducts.
We have long known that homeowners save money by installing solar panels, and this appears to also be true of at least some energy upgrades.
Anyone needing, or considering, energy upgrades should investigate this possibility .
HERO PACE Is Available In 85% Of California
One of the new communities to adopt the HERO program last week was Dublin, where Mayor David Haubert said, “There is ample evidence that PACE financing is a valuable tool for local governments looking to engage residents in efforts to use water and energy more efficiently.”
The HERO Program launched this week in the cities of Belvedere, Brisbane, Crescent City, Dos Palos, Dublin, Greenfield, Gustine, King City, Mill Valley, Pinole, Sacramento, Santa Clara, Sausalito, Thousand Oaks and Woodlake, the town of Atherton, and the unincorporated areas of Butte, Kings, San Joaquin, San Luis Obispo and Yuba Counties. Residents of these municipalities may now submit applications for HERO financing.
In the San Francisco Bay Area, 78 cities currently offer HERO. With eight new municipalities launching in the Bay Area today, and 11 others across the region, HERO significantly expands its availability in Northern California. Over the four-year history of the program, HERO has made almost 60,000 homes throughout the state more efficient.
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