Today, the Orlando City Council approved a measure that gives homeowners access to the HERO Program, the nation’s largest form of residential Property Assessed Clean Energy (PACE) financing.
HERO, which stands for Home Energy Renovation Opportunity, will enable homeowners in Orlando to make energy efficiency, renewable energy and hurricane-protection improvements and to pay for them at a fixed interest rate over time through their property taxes. HERO financing payments may have tax benefits, and many property owners who use HERO to finance home improvements see immediate savings on their utility bills.
Since HERO launched nearly five years ago, more than 80,000 homeowners have used it to finance more than $1.9 billion in energy and efficiency improvements throughout the United States. And by stimulating home renovation activity, the HERO Program increases demand for contractor services and boosts the local economy – all at no cost to government budgets.
The Orlando City Council formally adopted the HERO Program when it voted to join the Florida Development Finance Corporation’s (FDFC) residential PACE Program. The FDFC has initially partnered with Renovate America, the company that administers the HERO Program, to bring the most extensive experience in PACE financing and the most comprehensive consumer protections to make Florida more energy efficient and hurricane-resistant.
“Orlando is committed to being the most sustainable city in America and to accomplish this it takes everyone, from our residents, business and government, doing all that we can to conserve, preserve and reuse our valuable resources,” said Orlando Mayor Buddy Dyer. “Adding this new financing option to our PACE program is another way we are providing the necessary tools to help our community reduce our impact on our environment.”
