The new program extends the benefits of PACE to people who generally have a hard time accessing low rates on anything – those with poor credit. This is done by basing a homeowner’s eligibility for a PACE loan on the status of their home equity, rather than their credit score.
“The convenience of PACE loans gives our customers the ability to lock in lower utility rates and increase the value of their home with no out of pocket costs,” said Verengo Director of Marketing Chris Haynie.
To qualify, homeowners must have at least ten percent equity in their home. They are also required to have paid their mortgage payments on time for the last year. Property taxes may have one late payment within the last three years. There can be no bankruptcies within the last 2 years.
“The Verengo Solar/CaliforniaFIRST PACE financing options allow Southern California homeowners without stellar credit scores to immediately start saving on their electricity bills by installing rooftop solar without making up front payments,” Dahl said. “Our customers will own their solar system and be able to look forward to not only an increased home value, but also a day when their system is fully paid off and generating ‘free’ power!”
CaliforniaFIRST is a public/ private PACE financing program administered by Renew Financial that offers homeowners affordable financing for renewable energy programs. This financing is repaid through property taxes.
“The fact that more than 300 cities and counties across California, including Los Angeles and San Diego, have voted to join CaliforniaFIRST is a testimony to the popularity and simplicity of the PACE energy efficiency financing solutions,” said Renew Financial CEO Cisco DeVries. “Verengo has been an industry leader in California rooftop solar since its founding in 2008 and we are delighted to be associated with Anders and his team.”