MIAMI-DADE, Fla., June 15, 2017 /PRNewswire/ -- Renew Financial, a leading home improvement finance company, announced today that Miami-Dade County, Miami Gardens and West Miami have joined the RenewPACE financing program in Florida. RenewPACE empowers property owners to finance the full cost of certain home upgrades, and then repay those costs over time as a line item on their property tax bill. By eliminating the upfront cost barrier for home upgrades, RenewPACE makes these upgrades available to more homeowners than ever before. Today's expansion into Miami-Dade County, Miami Gardens and West Miami provides an additional 1.2 million Floridians access to the RenewPACE program – a program that's already helped more than a thousand Florida residents make storm resilience and energy efficiency improvements to their homes and businesses with no upfront cost.
"This news comes at a perfect time for the residents of Miami-Dade County," said Miami-Dade County Commissioner Jose "Pepe" Diaz, who sponsored legislation to implement the PACE program in the County. "With summer approaching, homeowners need affordable ways to protect their homes and families from the scorching heat and severe storms. PACE offers homeowners an economic way of improving and upgrading their homes, such as installing a new energy-efficient air conditioner or storm-resistant roof and windows. These improvements can reduce utility bills and insurance premiums, all while helping homeowners live more comfortably in their own homes."
With today's addition of Miami-Dade residents, 6.35 million Floridians statewide now have access to RenewPACE. This is a very welcome development for Florida homeowners who are vulnerable to damage from hurricanes and severe storms. Just last year, Florida residents and businesses were reported to have suffered $1.5 billion in storm damages. Recent projections show hurricane damage to Florida is likely to increase in the foreseeable future.
Because RenewPACE makes home upgrades more accessible, the program increases demand for home improvement services. This creates well-paying jobs here in Florida that can't be shipped overseas. To date in Florida, RenewPACE has created nearly 100 jobs while financing over a thousand projects that will collectively save homeowners nearly $2 million on their utility bills. Across the US, Renew Financial has created more than 15,000 American jobs and saved homeowners and businesses $1.5 billion in energy costs over the life of financed projects.
"RenewPACE is a great financing option for homeowners who need a new HVAC system and want it installed by one of the best contractors in the state," said Cheryl Harris, Executive Director of the South Florida Air Conditioning Contractors Association. "We're thrilled that our licensed contractor members will now be able to help homeowners in Miami-Dade County through the RenewPACE program. RenewPACE offers strong consumer protections and a seamless experience for homeowners in need of an energy efficiency upgrade. We look forward to more cities and counties joining the RenewPACE program. The more cities and counties that join RenewPACE, the more homeowners will benefit."
About Renew Financial
Renew Financial is one of the nation's leading home improvement financing companies. Renew Financial provides multiple financing products across the country, with programs available in several states, including Property Assessed Clean Energy (PACE) programs operating in California and Florida. PACE is a state-enabled, local government-controlled financing tool that enables property owners to access private capital to finance the entire cost of energy efficiency, resiliency to drought, earthquakes, and hurricanes, and renewable energy upgrades to their homes and businesses, and then repay those costs on their property tax bill. PACE was named by Scientific American as one of the "top 20 ideas that can change the world." PACE is a job-creating policy tool that has enjoyed bipartisan support, having been championed in state legislatures by members from both sides of the aisle.
Renew Financial is a pending trademark of Renew Financial Holdings Inc.
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SOURCE Renew Financial