The first PACE financing company is founded
In 2008, Cisco cofounded Renew Financial (“Renew”) – one of the nation’s leading and most experienced PACE financing companies to date. Renew specializes in PACE financing to provide homeowners the financing means they need to cover 100% of the costs of their eligible home improvement projects or products at competitive low fixed interest rates, flexible repayment terms, and generally has more flexible qualification requirements compared to those in traditional financing options.
Renew currently serves communities in Florida and California, under the program name RenewPACE and CaliforniaFirst. Cisco served as Renew’s president and CEO until 2018. Many other companies have been created and entered the PACE financing space since Renew was founded. Some of these companies include: Ygrene, PACEFunding, Renovate America, E3, Florida PACE Funding Agency, and Counterpointe Energy Solutions to mention a few. Each of these companies use a unique naming convention for the PACE program to differentiate themselves in the market. For example, Renovate America’s PACE program goes by the name of Home Energy Renovation Opportunity (“HERO” program), and Counterpointe’s goes by The Alliance NRG Program.
PACE financing is not a traditional home improvement loan
PACE financing is not classified as a loan as the amount financed is secured by the property itself via a voluntary tax assessment which appears on the property tax bill as a separate line item. For many decades homeowners have been paying non-voluntary assessments through their local property taxes for projects that benefited individuals and their communities, such as sewer systems, streetlights, and utility lines. These assessments are known as the “land- secured financing district” financing model, PACE financing is an extension of this financing model.
With PACE financing homeowners can make eligible home improvements – such as the installation of attic insulation, solar panels, solar water heaters, energy efficient and hurricane-resistant windows and doors, a new HVAC system, and roofing replacement – without any upfront cash. The program offers flexible repayment terms based on the expected useful life of the product(s) being installed, starting as low as 5 years and up to 30 years.
Home improvements help families and communities
PACE was created to address important disincentives to investing in energy and safety projects. As housing becomes more energy efficient, there is less need to build new power plants and there will be less pollution caused by power generation. Homes that are better able to withstand severe weather reduce the demands on governments to provide disaster relief. When there is less damage to housing, areas can also recover more quickly from severe weather.
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