OAKLAND, Calif. and RIVERSIDE COUNTY, Calif., Dec. 16, 2015 /PRNewswire/ -- Riverside County's Board of Supervisors voted today to opt in to the CaliforniaFIRST program, bringing cost-saving financial options to Riverside county homeowners for environmentally friendly upgrades. The vote was unanimous and took place in the presence of local contractors who are advocates of the program. CaliforniaFIRST is Renew Financial's flagship PACE (Property Assessed Clean Energy) financing program and is geared toward residential and commercial properties. More than 200 cities and counties across California have adopted the program and now property owners in Riverside County can immediately take advantage of it.
"PACE programs are beneficial for our communities because they drive job growth and help thousands of local homeowners save money on their utility bills thanks to their home upgrades," said Riverside County Supervisor John J. Benoit. "Extending these programs to the entire county is good for consumer choice."
CaliforniaFIRST makes energy and water efficiency projects more accessible for California homeowners by providing project financing that is then paid back as a line item on their annual property tax bill. The program allows homeowners to choose a participating contractor and install an array of custom-tailored clean energy, renewable energy, and water efficiency projects.
"We are committed to providing California homeowners with a simple way to finance energy- and water-efficiency upgrades, improving their properties while saving energy, water and money," said Cisco DeVries, CEO of Renew Financial. "Homeowners in Riverside looking to lower their bills and reduce their energy and water use can now do so with PACE. PACE is responsible for thousands of home improvements across the state that have resulted in significant reductions in greenhouse gas emissions. We are thrilled to expand to new areas and provide more Californians the opportunity to save money and improve the value of their homes."
For more information: www.californiafirst.org. For the latest news from CaliforniaFIRST: https://news.californiafirst.org/. To hear directly from CaliforniaFIRST customers: https://news.californiafirst.org/category/video/.
The CaliforniaFIRST Program is a Property Assessed Clean Energy (PACE) financing program for residential and commercial properties. Administered by Renew Financial, a national clean energy finance company, CaliforniaFIRST allows property owners to finance the installation of energy and water improvements on homes or businesses through the issuance of a municipal bond, which can then be paid back as a line item on their property tax bill. CaliforniaFIRST financing doesn't rely on a credit score and does not require any money down, opening the program to a wide range of Californians. For more information: www.californiafirst.org. For the latest news from CaliforniaFIRST: https://news.californiafirst.org/. To hear directly from CaliforniaFIRST customers: https://news.californiafirst.org/category/video/.
About Renew Financial
Renew Financial was founded in 2008 by Cisco DeVries, who originated the idea of the Property Assessed Clean Energy (PACE) financing model. Endorsed by President Obama and named by Scientific American as one of the top 20 ideas that can change the world, PACE enables property owners to finance the entire cost of energy and water efficiency and renewable energy upgrades to their homes and businesses, and then repay those costs on their property tax bill. Renew Financial has a partnership with SolarCity targeted at small and medium-sized businesses (SMBs) utilizing PACE, and PACE is also a central component of a major White House clean energy and energy efficiency initiative unveiled in August 2015. Renew Financial recently acquired AFC First Financial Corporation, a residential energy efficiency lender based in Allentown, PA., and EcoCity Partners, which administers PACE programs in Florida. Renew Financial's other financing products include the Warehouse for Energy Efficiency Loans (WHEEL), which opens the residential energy efficiency finance market to large institutional investors.
SOURCE Renew Financial