SAN DIEGO, March 22, 2016 /PRNewswire/ -- Renovate America, the nation's leading provider of residential Property Assessed Clean Energy (PACE) financing, with over 90 percent market share, announced today it has partnered with the Electric & Gas Industries Association (EGIA), the nation's leading energy-efficient home improvement contractor network. Renovate America will become EGIA's preferred PACE financing provider. EGIA's membership of more than 21,000 contractors (5,300 in California), 85 distributors and six major manufacturers will have immediate access to Renovate America's HERO program, the largest and most recognized PACE financing program with over $1.3 Billion of originations in California. The partnership brings greater financing options to contractors and homeowners for energy and water efficiency and renewable energy projects.
"EGIA shares our mission of protecting homeowners while making energy efficient home improvements easily accessible and affordable through the industry-leading HERO financing program," said Nick Fergis, COO and co-founder of Renovate America. "EGIA's national network will provide a powerful way to engage contractors as we scale our business in California and other states."
Through the partnership agreement, Renovate America and EGIA will work together on contractor outreach, education, consumer protection initiatives, and a range of additional programs to support EGIA's members and the communities they serve. The activities will initially focus on California, where Renovate America currently has 7,000 HERO registered contractors, and will expand to include the company's future markets.
"HERO will give our contractor network access to the market-leading HERO financing program and we are excited to be partnered with such an innovative and forward-thinking company as Renovate America," said Bruce Matulich, EGIA's CEO and executive director. "This is good for our contractor, manufacturer and distributor networks, and, most important, will be great for consumers."
Renovate America partners with local governments to provide its version of PACE, the HERO (Home Energy Renovation Opportunity) Program, to homeowners who finance a wide variety of product installations to conserve water and energy. These installations include energy-efficient products like HVAC, windows, and roofing; renewable and alternative energy products like solar; and water efficiency products for indoor systems and outdoor landscaping. HERO is unique in that it provides 100 percent financing for energy and water savings products for up to 20 years with fixed interest rates designed to make payments affordable. Homeowners make payments reflected on their property taxes, and in the event the property is sold, the remaining balance may be able to transfer to the new owner. The HERO Program's consumer protections include: payment is made to contractors only when customers sign off that the job is complete to their satisfaction, contractors must meet standards and have a good track record, pricing must be fair in the marketplace, products must be rated as efficient, and seniors get extra care to help ensure they fully understand the terms.
Since 2011, the HERO Program has financed more than $1.3 billion in home improvements which are projected to save more than $2.3 billion on energy bills, conserve more than 8.6 billion kWh of electricity, reduce emissions by more than 2.3 million tons, and save more than 3.5 billion gallons of water. It has already created more than 11,000 jobs across California and had a local economic stimulus of more than $2.3 billion.
About Renovate America
Renovate America is the fastest-growing provider of financing for energy and water efficiency home improvements in the U.S. The company's HERO Program provides local governments with a comprehensive residential PACE financing solution that also includes consumer protection, business automation software, workforce training and ongoing access to private capital. This unique public-private partnership offers consumers access to more than 60 types of products that reduce energy and water consumption, without the need for government funding. The HERO Program has received a number of awards including the Governor's Environmental and Economic Leadership Award in California, the Urban Land Institute Best of the Best, and the Southern California Association of Governments President's Award for Excellence. In March, Renovate America's HERO Program was awarded the U.S. Climate Leadership Certificate for Innovative Partnerships by the US. Environmental Protection Agency (EPA). Additional information can be found at www.renovateamerica.com and www.heroprogram.com.
The Electric & Gas Industries Association (EGIA) is a non-profit organization dedicated to advancing energy efficiency and renewable energy solutions through the home improvement and renewable energy industries. EGIA serves a rapidly-growing nationwide network of contractors, regional distributors, product manufacturers and other trade allies delivering energy efficiency and renewable energy solutions to millions of homes and businesses. EGIA is also a recognized leader in delivering sponsored demand management and resource efficiency services on behalf of electric, gas, water utilities and municipalities. EGIA services include financing, rebate program administration and rebate processing; contractor network management, training and certification; and sales channel development and support. EGIA has facilitated the financing of over 200,000 residential and business projects valued in excess of $1.7 billion, and administered over $750 million in consumer rebate payments.
EGIA also produces Home Energy Makeover Contests, and the EGIA Leadership Academy which facilitates regional and national conferences and web-based activities where utilities, energy-related organizations and contractors can learn and network regarding energy efficiency, renewable energy, customer service, marketing, sales, and enhanced business operations.
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SOURCE Renovate America