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The HERO Program: How it Works and How to Qualify

Homeowners who wish to improve the energy efficiency of their homes have more choices than ever. Innovative products are only part of the equation; creative financing options give homeowners attractive ways of paying for qualifying home improvements.

Property Assessed Clean Energy (PACE) legislation opened the door for financing options. In California, Renovate America established the Home Energy Renovation Opportunity (HERO) Program. This program provides low-interest loans to homeowners for a specified period of time. Repayment is tied to the property’s annual tax bill, and is transferred to new property owners in a sale. A wide variety of energy-saving home improvement projects are covered, including:

  • Roofing
  • Solar panels
  • Insulation
  • Siding
  • Water-saving fixtures and irrigation systems
  • Doors and Windows
  • Heat-reflective exterior coatings

Who Qualifies for HERO Financing, and What are the Benefits?

If you are a residential or commercial property owner in California, you qualify for HERO financing. It’s that simple! Even people with low credit scores can be approved; in fact, credit scores are not even considered in the approval process.

Benefits of the program include:

  • Payments are fixed and there are several repayment periods to choose from. The repayment period depends on how long the energy-efficient products installed can remain useful. Typically, these periods are from five to twenty years.
  • Loans are repaid through annual property tax assessments. The loan appears as a line item on the property tax bill, and is tied to the property itself. If you decide to sell your property, the balance transfers to the new owner.
  • The interest on any HERO loans is tax-deductible. Speak to a tax professional for more details.

Californians are Saving Money with the HERO Program

Throughout the state of California, many thousands of homeowners have taken advantage of this attractive financing program to save money and energy. The state leads the way in energy-efficient home improvements and has already saved several billion dollars and many billions of gallons of water thanks to this financing program. In Southern California alone, over 36,000 homeowners have been accepted by the HERO Program, resulting in incredible savings. This region, which includes Orange County, Los Angeles, San Diego, and Temecula, has saved $1.2 billion in energy costs and nearly five billion gallons of water.

Other states are joining in, taking advantage of PACE legislation to implement low-cost loan programs for energy-efficient home improvements.

Helping the environment while saving money on utility costs is made possible by financing options like the HERO program. Talk to a qualified home improvement contractor to learn more about what projects are covered and how you can take advantage of these low-cost financing options.

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