Homeowners in 37 new communities now have access to the Missouri Clean Energy District’s PACE financing option
KANSAS CITY, Missouri, July 19, 2017 – More than 129,000 additional homeowners across Missouri now have access to HERO, a new financing option for energy-saving home improvements that allows property owners to pay back the cost of efficiency and clean energy upgrades through their property tax bill. Local communities, small businesses and homeowners across Missouri have embraced HERO, which is now available to nearly half of Missouri households in over 220 communities. HERO is a form of Property Assessed Clean Energy (PACE) offered through a public-private partnership between the Missouri Clean Energy District (MCED) and Renovate America, the nation’s largest PACE provider.
Since launching in late 2016, HERO has quickly become Missouri’s most effective PACE financing option. HERO has financed more than $10 million in energy-saving home improvements for nearly 650 Missouri homeowners. These improvements include energy-efficient HVAC systems, roofing and window replacements during the summer heat, as well as rooftop solar. These improvements are on track to save Missouri homeowners millions on their energy bills, improve the housing stock, and reduce emissions by nearly 30,000 tons.
HERO’s latest expansion is expected to spread these economic benefits to the new communities where it will operate. It’s estimated that HERO-financed home improvement activity has resulted in the creation of over 80 new Missouri jobs and over $17 million in economic activity. Many of these new construction-sector jobs can’t be outsourced or automated. In addition to residential PACE activity, MCED also has a pipeline of over $10 million for PACE-financed projects for commercial properties.
The new communities where the HERO financing is now available include the cities of Columbia, Jefferson City, and other portions of central Missouri, including Cooper and Pettis counties. HERO is already active in numerous municipalities in the Kansas City, Springfield and St. Louis metro areas.
“HERO is creating jobs, saving families money on their energy bills and giving homeowners a new way to invest in their homes and neighborhoods—that was always its promise and it’s exciting to see what PACE financing has been able to achieve in such a short amount of time,” said David Pickerill, Executive Director of MCED. “Simply by bringing another financing option to the marketplace, HERO is also helping the state and local communities reach their energy efficiency goals.”
HERO has recently introduced lower interest rates to make PACE financing even more accessible for Missourians. HERO has also introduced its Contractor Quality Rating system, which helps ensure homeowners are working with contractors who have good performance records — as well as being licensed, bonded, insured — a service not offered by other payment options.
HERO also continues to carry the strongest consumer protections in the PACE industry. To help homeowners easily understand their financing terms before they finalize their contracts, all homeowners receive written disclosures modeled on the federal “Know-Before-You-Owe” forms for mortgage lending. The form includes important information about tax deductibility and how PACE assessments are treated during home sales. HERO also requires a live phone call with a HERO representative to confirm understanding of financing terms and information on household budget implications before the financing documents can be finalized.
Homeowners interested in applying for HERO financing or who wish to learn more should visit https://www.renovateamerica.com or http://www.mced.mo.gov/. Contractors interested in offering HERO financing can register at https://register.renovateamerica.com/.
