More than 340 homes in the Oakdale and Riverbank area have been made more energy-efficient, or have had renewable energy systems installed since HERO Property Assessed Clean Energy (PACE) financing became available to area homeowners in 2014. HERO is an innovative finance mechanism that empowers homeowners to make energy and efficiency improvements – such as replacing inefficient HVAC systems, installing new windows and doors, or going solar – and to pay for them over time through a voluntary, additional line item on their property taxes.
PACE programs like HERO are a unique kind of public-private partnership. In addition to enabling homeowners to modernize their homes, save energy and water and enhance their comfort at home, these programs help local communities meet broader public-policy goals, such as boosting economic activity. And because HERO relies solely on private capital, these benefits can be achieved at no cost to local government budgets.
“The kind of sustained job growth and economic stimulus we’re seeing with PACE is just what we need in here in our backyard,” said Oakdale Realtor Ricardo Jimenez. “I applaud our local leaders for providing this choice for homeowners in our area. PACE has proven to be a valuable driver of our local clean-energy economy, and it is emerging as a powerful tool for all of California.”
HERO financing first launched in Oakdale and Riverbank in 2014. HERO-financed home upgrades are projected to save homeowners over 60 million kilowatt-hours of electricity – and more than $12.5 million on their energy bills – over the expected useful life of the products installed. That is enough energy to power over 6,800 homes for a full calendar year. The improvements are also projected to reduce greenhouse gas emissions by over 16,000 tons – equivalent to taking more than 3,100 cars off the road for a year.
Homeowners interested in applying for HERO financing or who wish to learn more should visit renovateamerica.com/financing/hero/communities. Contractors interested in offering HERO financing can register at renovateamerica.com/contractors.