The Los Angeles County Board of Supervisors has voted to enable residential property assessed clean energy (PACE) financing for homeowners residing in cities within the county that have passed resolutions authorizing the mechanism.
Forty-two Los Angeles County cities that recently adopted resolutions to make the so-called Home Energy Renovation Opportunity (HERO) financing available to their residents will launch their programs this month.
PACE programs provide financing to make energy- and water-efficiency renovations affordable for homeowners by providing long-term, competitive financing through an assessment on their property tax bill. This financing mechanism relies on a partnership with public agencies and is cost neutral to participating jurisdictions.
Among the most popular upgrades are solar power panel installations; whole-home HVAC; and energy-saving windows, doors, roofing and insulation.
HERO has been financing residential projects in California since 2011. It is the largest PACE program in California, financing 95% of all residential PACE projects in the state with a total of $200 million financed to date.