FT. LAUDERDALE, Fla., and OAKLAND, Calif., Sept. 8, 2016 /PRNewswire/ -- Renew Financial, a leading clean energy finance company, today announced the launch of its successful RenewPACE financing program across many of Florida's largest cities and counties. Residential and commercial properties in major Florida areas can now benefit from RenewPACE for a wide variety of energy efficiency, renewable energy, and wind resistance initiatives. This comes on the heels of a major gesture of support for PACE from the Obama administration and the Federal Housing Administration just last month.
Building on its strong track record of PACE (Property Assessed Clean Energy) financing throughout the state of California and other loan programs throughout the country, Renew Financial is a national leader in clean energy financing programs geared toward homeowners and commercial property owners looking to make efficiency upgrades. RenewPACE offers low interest rates and no-money-down financing to property owners to complete hundreds of energy efficiency, wind resistance, and renewable energy projects that they then repay as a line item on their property tax bill. The program was created by Renew Financial in partnership with state and local governments to encourage energy efficiency while creating jobs.
"RenewPACE is revolutionizing financing for energy efficiency projects across the country. We are excited to bring this remarkable tool to Florida homeowners," said Renew Financial CEO Cisco DeVries, the innovator of the PACE finance model. "Our financing programs, like RenewPACE, have already funded over $750 million in energy improvements across the country -- helping over 70,000 homeowners reduce energy use and save on utility bills."
Many Floridians are concerned about environmental resiliency due to the risks of flooding, hurricanes and extreme heat. The result is an increase in requests for critical property upgrades such as roofing, wind-resistant windows and doors, heating and air conditioning, insulation, and energy efficiency improvements.
RenewPACE will be offered in the cities of Orlando, Satellite Beach and Doral, as well as Alachua County, portions of Broward, Pasco, Pinellas, Martin, Indian River counties and many cities in Palm Beach County. Additionally, the program will be offered in county of Escambia is available for commercial properties only. Company representatives are working closely with local governments in other Florida jurisdictions to help them offer the program to their local constituents as well.
The original innovator of the popular PACE financing model, Renew Financial has long been a national leader in PACE programs and policy and offers various finance programs in New York, Pennsylvania, and other states. To see how PACE in California has benefited homeowners and contractors, click here for video testimonials: https://californiafirst.org/category/testimonials/
"The expansion of RenewPACE to Florida's metropolitan and densely populated counties is exciting, and a game changer. RenewPACE offers Florida property owners affordable, no-money-down financing to make much-needed weatherization and energy improvements that make their properties hurricane safe and comparable with new construction," said Justin Hoysradt, CEO at Vinyasun, a leading solar system installer. "For my small business and others, PACE is a trusted, reliable source of financing and provides us the certainty we need to grow and bring back many of the well-paying construction jobs we lost during the downturn. RenewPACE is good for Florida's economy and small businesses."
Renew Financial recently announced its second securitization of residential PACE bonds totaling $123 million in June. This second securitization builds on Renew Financial's recent $70M funding round, a new partnership with Rainforest Trust, and the appointment of former California State Treasurer Kathleen Brown to the company's Board of Directors.
About Renew Financial
Renew Financial is one of the nation's leading clean energy financing companies. Founded in 2008 by former White House appointee and U.S. Department of Energy official Cisco DeVries, who originated the concept of Property Assessed Clean Energy (PACE), Renew Financial now provides multiple financing products across the country. 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. Named by Scientific American as one of the top 20 ideas that can change the world, PACE was identified as a national clean energy policy priority by President Obama in 2015, and received favorable regulatory guidance from the Federal Housing Administration (FHA) in July 2016.
Renew Financial's other financing products include residential unsecured loans (ReHome), utility on-bill financing, and others. Renew Financial partners with Rainforest Trust to preserve endangered rainforests with a donation made for every completed project.
Renew Financial is a pending trademark of Renewable Funding LLC.
Bill Douglass, Sparkpr for Renew Financial
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SOURCE Renew Financial