Loan Program Launched for San Diego Homeowners Looking to Save Energy and Money
San Diego county and city officials today encouraged homeowners to plug into PACE (Property Assessed Clean Energy) financing, a new loan program that aims to reduce energy and water usage — and help consumers save money.
The program eliminates the upfront costs for many energy- and water-efficiency improvements while reducing the operational expenses of owning a home. It is now available to many homeowners with the help of HERO, a program offered by Cleantech San Diego member company Renovate America.
PACE loans approved through HERO and other lending programs are repaid through property tax assessments, providing an additional option for homeowners looking to finance energy-related upgrades.
PACE loans are available starting this week in the cities of San Diego, El Cajon, and Escondido, along with the region’s unincorporated areas. Carlsbad, Lemon Grove, Oceanside, San Marcos, Solana Beach, and Vista launched similar initiatives earlier this year and have already funded nearly $5 million in energy-saving projects.
“The PACE program is a win-win for the consumers and our environment,” said Supervisor Dave Roberts. “Our environment benefits by our efforts to reduce greenhouse gas and energy consumption. Not only that, we are helping to jumpstart an important industry to create jobs in San Diego County.”
PACE financing has been available to commercial property owners for years, but the Board of Supervisors voted in April to expand it to homeowners. The San Diego City Council took a similar step last month.
“PACE programs make sense fiscally and environmentally,” said San Diego City Council President Todd Gloria. “These programs will result in more homes being retrofitted for energy and water efficiency upgrades, and San Diegans now have a new option to finance renovations to their homes.”
A wide range of products are available through HERO, including heating and cooling systems, solar panels, energy-saving windows, and insulation. Homeowners repay the assessment over 5, 10, 15, or 20 years through their property tax bill.
To apply for HERO, go to heroprogram.com or call 1-855-437-6411.