Enphase Energy reports that it has successfully partnered with the PACE program HERO to help more California homeowners go solar. The program has been so well-received that it is now expanding into more counties.
We reported recently that Property Assessed Clean Energy (PACE) programs are coming back. A branded version of PACE, HERO (Home Energy Renovation Opportunity), is one of the programs appearing around the country. HERO lets homeowners repay their PACE financing debt through property taxes. In this arrangement the interest is tax-deductible, which translates into more savings.
So far, the program has been a resounding success in California — another sign that homeowners are hungry for more solar financing options.
Enphase Energy, Inc. (NASDAQ: ENPH) announced today that it has successfully partnered with HERO to help more homeowners go solar.
More than 1,200 Enphase solar systems have been financed with the HERO program over the course of two years in Southern California by 131 different solar installers. That includes large national installers, regional installers, HVAC contractors and electrical contractors.
“This partnership is accelerating solar growth. Enphase technology makes a solar installation more productive and easier to manage. HERO makes the financing simple and affordable. A milestone like this and a partnership with HERO is a great validation of the growing value of solar for homeowners,” said Paul Nahi, CEO of Enphase Energy.
The Enphase® System includes the Enlighten software platform, which provides users with an interface to view and share their solar energy production. That’s already a great way to get homeowners engaged, and Enlighten goes further by providing critical insights on program performance for communities offering the HERO program.
“HERO monitors production of the distributed fleet of financed systems using Enphase’s Enlighten platform, which enables us to easily demonstrate to cities and counties the benefit of solar in their communities,” said Nick Fergis, COO of Renovate America, the administrator of the HERO Program.
The program has been so successful that it is expanding beyond Riverside and San Bernadino into other California counties this year. This expansion will add to the more than $180 million of solar and energy-efficiency loans to date for the program. It’s also expected to create nearly 2,000 jobs annually.