Florida Homeowners Eligible for Energy Efficiency Upgrade Financing
The RenewPACE Program, a clean energy home improvement financing program, is now available to both residential and commercial property owners in the cities of Orlando, Satellite Beach and Doral, and cities and counties in Broward, Pasco, Pinellas, Alachua, Escambia (commercial only), Indian River, Martin and Palm Beach.
The program is offered by Renew Financial, a leading clean energy finance company, which launched the RenewPACE financing program across many of Florida's largest cities and counties. Residential and commercial properties in major Florida areas can now benefit from RenewPACE for a wide variety of energy efficiency, renewable energy, and wind resistance initiatives. This comes on the heels of a major gesture of support for PACE from the Obama administration and the Federal Housing Administration just last month.
Building on its strong track record of PACE (Property Assessed Clean Energy) financing throughout the state of California and other loan programs throughout the country, Renew Financial is a national leader in clean energy financing programs geared toward homeowners and commercial property owners looking to make efficiency upgrades. RenewPACE offers low interest rates and no-money-down financing to property owners to complete hundreds of energy efficiency, wind resistance, and renewable energy projects that they then repay as a line item on their property tax bill. The program was created by Renew Financial in partnership with state and local governments to encourage energy efficiency while creating jobs.
"RenewPACE is revolutionizing financing for energy efficiency projects across the country. We are excited to bring this remarkable tool to Florida homeowners," said Renew Financial CEO Cisco DeVries, the innovator of the PACE finance model. "Our financing programs, like RenewPACE, have already funded over $750 million in energy improvements across the country -- helping over 70,000 homeowners reduce energy use and save on utility bills."
Many Floridians are concerned about environmental resiliency due to the risks of flooding, hurricanes and extreme heat. The result is an increase in requests for critical property upgrades such as roofing, wind-resistant windows and doors, heating and air conditioning, insulation, and energy efficiency improvements.
RenewPACE will be offered in the cities of Orlando, Satellite Beach and Doral, as well as Alachua County, portions of Broward, Pasco, Pinellas, Martin, Indian River counties and many cities in Palm Beach County. Additionally, the program will be offered in county of Escambia is available for commercial properties only. Company representatives are working closely with local governments in other Florida jurisdictions to help them offer the program to their local constituents as well.
The original innovator of the popular PACE financing model, Renew Financial has long been a national leader in PACE programs and policy and offers various finance programs in New York, Pennsylvania, and other states.
"The expansion of RenewPACE to Florida's metropolitan and densely populated counties is exciting, and a game changer. RenewPACE offers Florida property owners affordable, no-money-down financing to make much-needed weatherization and energy improvements that make their properties hurricane safe and comparable with new construction," said Justin Hoysradt, CEO at Vinyasun, a leading solar system installer. "For my small business and others, PACE is a trusted, reliable source of financing and provides us the certainty we need to grow and bring back many of the well-paying construction jobs we lost during the downturn. RenewPACE is good for Florida's economy and small businesses."
Renew Financial recently announced its second securitization of residential PACE bonds totaling $123 million in June. This second securitization builds on Renew Financial's recent $70M funding round, a new partnership with Rainforest Trust, and the appointment of former California State Treasurer Kathleen Brown to the company's Board of Directors.