What is the HERO program?
The Home Energy Renovation Opportunity (HERO) program is an energy-efficient financing program for homeowners in approved communities. This energy efficient program allows you to make water-and energy- saving improvements to your home.
HERO loans can be used for the purchase and installation of products that make your property more sustainable, improve water and energy efficiency and encourage the use of renewable energy sources. Such improvements can include installing artificial turf, replacing an outdated air conditioner with an energy-efficient unit, adding insulation or installing solar panels, just to name a few.
Eco-friendly home improvements are on the rise as thousands of California homeowners consider making home improvements with the help of a HERO program loan. Whether you are a home seller or a home buyer, you need to understand how this works in order to determine if a HERO loan is right for you.
Where did the HERO program come from?
The HERO program comes from the Property Assessed Clean Energy program (PACE), which is a system of financing energy efficient upgrades for different types of residential, commercial and industrial properties. Local governments provide initial funds for the installation of energy-efficient projects and renewable-energy systems through the PACE framework.
The property owner then repays the loan over a period of time. HERO is designed specifically for residential upgrades and is repaid through property taxes which comes with certain benefits and challenges.
How does the HERO program work?
The financing provided by the HERO program is repaid through annual property tax payments, which are collected by the local county. In some cases, it may be passed on to a new property owner if the home is eventually sold.
Eligibility for HERO is based on factors including your home equity, household income, debt obligations and the specific upgrades you want to finance. These indicators vary by county so make sure to verify. Only energy- and water- efficient upgrades may qualify for the HERO program.
Call us today!
The Home Energy Renovation Opportunity or HERO Program offers a unique, affordable financing option for energy-efficient upgrades for increased efficiency, comfort, and savings. Whether you want to reduce your carbon footprint, water usage or utility bills, HERO helps make it happen. There are over one million eligible products geared towards helping you save.
Call us today with any questions or concerns. Our professional Escrow Agents will help you through the pros and cons of the HERO program to determine whether or not this is right for you. (951) 335-7200