SAN DIEGO, CA: Renovate America, a provider of financial solutions for homes and communities in the area of energy and water across U.S. unveiled its much anticipated HERO (home energy renovation opportunity) financing program. The HERO Direct Pay service allows contractors to grow businesses faster while running numerous HERO financed solar projects without credit constraints.
The HERO Program is a Property Assessed Clean Energy (PACE) program, which provides finance for energy- and water-efficient as well as renewable energy products to home and business owners in approved communities within California. The financing provided by the Program is repaid through annual payments, which are delivered and collected by the County and can be passed on to a new property owner if the property is sold.
Traditionally many contractors were constrained to install solar systems through the financing program as a result of credit limitations. The Direct Pay solution in conjunction with the leading solar distributors, removes credit limit barriers for contractors.
"HERO Direct Pay is a great solution for small- and medium-sized solar contractors who have high customer demand because of HERO PACE financing, but can't fulfill that demand because of credit constraints," says Greg Memo, Executive Vice President of Business Development and Product Strategy for Renovate America. "Now these companies can obtain the products and financing they need to fuel the growth of their businesses."
The financial solution is not only limited in solar energy system, but is also expanded to water-efficiency improvements where customers pay for the changes over time through property taxes. The program has financed more than 850 Mn dollars in solar and other efficiency programs since 2012, with a life-time energy savings of 5,798,907,980 kWh in California.
The module does not allow contractor's existing credit limit or access credit with a participating distributor because payment is secured through HERO and then processed directly through the distributor. It is available only via authorized and registered contractors who are approved by a Direct Pay distributor.