Selected as an Energy Creator for the HERO Program
Renova Energy is proud to announce a new partnership as a Registered Contractor for the HERO Program.
What’s the HERO Program?
HERO is a unique, affordable financing option that helps home and business owners retrofit their properties for the Green Revolution.
HERO stands for Home Energy Renovation Opportunity. Working with the Western Riverside Council of Governments (WRCOG), a public agency representing 18 communities within Riverside County, HERO began offering Green Revolution loans to Western Riverside County home and business owners in 2010.
The program was tested locally and was so successful that by February 2014 it became accessible to almost 70% of Californians.
How It Works
Under the HERO program, property owners can take advantage of energy-saving, water-saving, insulation-enhancing, drought-resistant and renewable energy products listed on the HERO website.
Financing is provided for both purchase and installation. The loans are paid off as additional line-items on the borrower’s property tax bill.
Homeowners who meet HERO’s criteria are eligible for financing through the Program. A homeowner must:
- Have at least 10 percent equity in his or her home
- Have no recent history of bankruptcy
- Be current with property taxes and mortgage payments
Qualifying buyers see 100% of the cost of purchase and installation covered.
To encourage green purchases, HERO offers attractive terms.
- There are no application fees.
- Rebates are not affected when using the HERO program. Homeowners can continue to take advantage of rebates offered by their local utility, city, county, or the federal government when financing with HERO loans.
- Interest paid on the principal balance may be tax deductible.
- Should a property be sold before the financing is repaid, the remaining payments can be passed onto the new owner.
Interest rates for HERO vary depending upon the term (5-20 years) and the improvements selected.
Not a Government Loan
Unlike most attempts to encourage green building, HERO is not using tax dollars; financing comes from private investors.
Property owners taking advantage of this program don’t incur second mortgages or loans that appear on their credit reports.
Because the loan is attached to the property, it shows up as one of several existing “line items” on the homeowner’s property tax bill. If the homeowner decides to sell, it can be transferred to the home’s next owner.
Why HERO and Renova make a great team for solar customers
HERO offers Renova customers another option for purchasing a solar system, which affords homeowners maximum savings over the life of their panels. Not to mention you’re working with an award-winning company to design and install your system. A company that was awarded Best of the Valley for the last two years, was SunPower’s Residential National Dealer of the Year in 2014 and has a 5 Star Rating on YELP.
Here are the basics of the program:
- $0 Down
- 5, 10, 15, 20 Year terms
- Pay to own your solar system
- Lower Monthly Payments
- Free cleanings for the first year
The advantages of HERO have made it possible for many additional customers to purchase, rather than lease, their solar system, and in many cases, incorporate other energy and/or water saving options at the same time. One of these customers is Bonita Lacy, who explains, “There is no way we could have done this without this program. It would have required more complex and more expensive financing. You provide an important opportunity for property owners to improve their environments as well as their communities. Thank you.”