Vivint Solar, Inc. a leading national provider of residential solar energy systems, and Renovate America, the leading provider of residential Property Assessed Clean Energy (PACE) financing, are collaborating to expand access to rooftop solar for homeowners. By offering Renovate America’s HERO program as its PACE financing option, Vivint Solar is enabling more homeowners to purchase solar systems and lower their utility bills.
Under this business agreement, homeowners will be able to use HERO financing to purchase Vivint Solar systems and pay for them over time through their local property taxes. Payments are made at a fixed interest rate for terms of five to 20 years, and the interest on the payments may be tax deductible. Since it is expected that the system will stay with the home and provide utility savings into the future, any remaining balance on the assessment may be able to transfer to a new homeowner at the time of sale.
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The announcement of this strategic relationship comes at the same time as the Federal Housing Administration’s newly issued federal policy guidance that specifically endorses PACE financing – facilitating expanded access to solar for more Americans.
“We are excited to work together with Renovate America to provide this innovative solar financing product that will make solar available to a wider range of consumers, including those who either do not have the upfront capital for a solar energy system or for whom traditional loans, Power Purchase Agreements or Solar System Lease Agreements are not viable options,” said Vivint Solar Executive Vice President of Capital Markets, Thomas Plagemann.
Since its launch at the end of 2011, HERO, which stands for Home Energy Renovation Opportunity, has financed more than $1.5 billion of improvements such as solar, energy-saving roofing, windows, and doors, more efficient HVAC systems, and building insulation. About a quarter of the home energy improvement projects – around 19,000 – have been rooftop solar installations.
Vivint Solar is now rolling out the HERO Program throughout California, and both companies are working with state and local governments to expand this product offering nationwide.
— Solar Builder magazine
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