Renovate America raises $50 million in growth equity to provide HERO financing to property owners. This boost to California’s already strong HERO program allows additional property owners to take part in the program, which is now in over 165 cities.
Communities throughout California have been joining the state’s HERO program left and right. HERO is the state’s top residential PACE (Property Assessed Clean Energy) financing program and provides an important option for residential solar financing.
Renovate America, a provider of residential PACE financing in the U.S., has now announced it raised $50 million in growth equity from new and existing investors, which allow even more people to enter the program. Valor Equity Partners led the round, which also included Macquarie, RockPort Capital, and Spring Creek.
Renovate America partners with local municipalities to provide HERO financing to property owners, who in turn use the program to finance a wide variety of products to lower utility bills including: solar power; energy efficient HVAC, windows, and roofing; and water-saving products such as artificial turf. The company has financed over $250 million in HERO residential energy-efficient improvement projects to date, which are estimated to save homeowners $530 million in lower utility bills.
“HERO has helped thousands of homeowners invest in their home to save energy and water,” said JP McNeill, CEO of Renovate America. “We are fortunate to partner with over 165 cities and counties who have made HERO available to their constituents. In addition to helping homeowners save millions of dollars, HERO is helping communities create thousands of local jobs, lower mortgage foreclosures, stimulate local economies and lower emissions. This additional equity investment will enable us to bring HERO to more cities and counties.”
Renovate America provides funding, administration, technology, training, customer support, and a full service call center that assists contractors and property owners with the application and approval process. The company’s software platform provides homeowners an easy way to submit applications and fill out all the necessary paperwork and documentation. Additionally, the company has programs to ensure homeowners are satisfied, assist contractors with estimating and document processing, and provide municipalities with real-time tracking of projects and their energy savings.
“The HERO Program offers comprehensive services that combine funding, software and consumer protections,” said Scott McKinlay, Executive VP at Renovate America. “That combination of services makes home improvements available to more property owners more safely and affordably than ever before.”
HERO has now been adopted by more than 165 California cities, including San Diego, San Jose, Riverside, Anaheim, Fresno, and San Bernardino, among others. The program has financed more than $250 million in projects. It also has the added benefit of creating jobs, more than 2,300 since it launched in December, 2011. It’s no wonder Californians are crazy for their hero.