27 July 2017 2017 10:15 AM GMT

Energy-Saving HERO Financing Available To 129,000 More Homes In Missouri

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, includes 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 modelled 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 Renovate America. or Missouri Clean Energy District. Contractors interested in offering HERO financing can register here.

The Missouri Clean Energy District is a statewide political subdivision established to provide unlimited capital to fund energy efficiency and renewable energy projects through PACE financing. Property owners – both public and private – in member communities may apply for PACE financing for energy-saving upgrades and retrofits to their property. Missouri communities may join the District to make funding available to all property owners within their jurisdiction. There is no membership cost to local governments and no fiscal risk because no public funds are used for financing.

Renovate America offers a tech-enabled financing platform for home improvement and commercial retrofits that empower communities to modernize and make their housing stock more efficient while giving small businesses the tools they need to grow. In addition to financing home improvements through an unsecured lending product, Benji, Renovate America offers communities HERO financing. HERO is the leading residential Property Assessed Clean Energy (PACE) program in the U.S. and has been used by over 100,000 homes to make energy and efficiency improvements. It is estimated that HERO is on track to save billions of dollars in energy and water bills, and has created over 20,000 local trade jobs that cannot be offshored or automated. Renovate America has built the world’s largest green bond platform, with a volume of originations that enables securitization of HERO PACE bonds multiple times a year, attracting international investment to meet U.S. clean-energy objectives.

December 13th 2017
EDF Commissions 179 MW At Two Solar Power Plants In Nevada

Policy makers led by US Senator Harry Reid were present at a celebration formally recognising Switch Stations 1 and 2 solar power plants, with a combined generation capacity of 179 MWac, as fully commissioned and in commercial operation. Senator Reid stated “Less than a decade ago, Nevada’s solar energy landscape was nonexistent, but this commissioning helps fulfil the vision I had to make our state the leader in renewable energy development. A technology giant like Switch committing to using 100% renewable energy is truly visionary and grows our clean energy economy by creating hundreds of good-paying construction jobs here.”

December 12th 2017
Renewable Future Challenges UK And Germany To Build Flexibility In Power Systems

A new economic study highlights that future energy systems in the UK and Germany, with very high levels of variable renewable generation, must be complemented by flexible resources, including energy storage. The study was released by Bloomberg New Energy Finance (BNEF). “This study highlights a seismic shift in how power systems will operate in the future. As wind and solar become the cheapest options for power generation, the race is on to develop and deploy the flexible resources that will complement them,” said Albert Cheung, head of global analysis at Bloomberg New Energy Finance.

December 8th 2017
Tata Power Solar Commissions India’s First Rooftop Solar Carport In Delhi

Tata Power Solar set another landmark by commissioning an unprecedented rooftop solar project in India – a solar carport on the rooftop of the sprawling 70,000 sq.m Unity One mall, in Rohini, Delhi. The unique rooftop carport is estimated to set off 438 tonnes of carbon emissions annually. The company won the bid in an open tender process fielded by Delhi Metro Rail Corporation for multi-level car parking. The project enables the mall to earn on the unused and excess solar electricity produced. It also cuts down the need to install a second meter or an expensive battery storage system as it is directly connected to the local power grid.


 

   

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