Newport Beach Leads Orange County in adopting HERO Financing Program
Property Assessed Clean Energy promotes energy saving and stimulates local job growth
NEWPORT BEACH, Calif., July 24, 2013 /PRNewswire/ -- The City of Newport Beach announced the approval of the HERO Financing Program in the community. HERO is the leading residential Property Assessed Clean Energy (PACE) program in the state, and Newport Beach became the 59th municipality in California to pass a simple resolution approving the HERO Program. Newport Beach is the first city in Orange County to adopt a PACE program.
The city council overwhelmingly passed the resolution to bring the HERO Program into their jurisdiction. This public-private partnership paves the way for Newport Beach property owners to take advantage of lower cost financing for solar power, efficient heating and cooling systems, high-efficiency windows and other energy upgrade projects. As a PACE program, HERO enables participating property owners to pay for these improvements over time through their property tax bill.
"The HERO Program is a win-win-win for residents, cities and the economy," said Lacy Kelly, CEO of the Association of California Cities – Orange County, a 501(c)(3) non-profit representing the interest of the region's 34 cities. "Residents can get increased access to energy efficiency upgrades, cities can voluntarily opt in without cost and jobs are created."
To date, the HERO program has generated over 1,300 jobs in California and more than $245 million dollars in economic stimulus.
HERO is the largest and most successful privately-funded residential PACE program in the country. The program has received more than 12,000 applications from property owners and approved more than $245 million in funding. More than 1,000 contractors in southern California have registered for the program and been approved to offer HERO Financing to their customers. All registered contractors are provided with a comprehensive training program, which leads to excellent service and accurate information for customers.
"Having HERO financing will allow more people to install energy efficient products, which will be a win for the community and allow us to create more jobs," said Matthew Stoutenburg of Peak Power Solutions.
PACE programs are designed to lower utility costs for property owners, increase property values, create jobs, and help cities and counties reach state-mandated reductions in greenhouse gas emissions. These benefits are already being realized in communities where HERO is active.
To bring HERO to a community, local governments simply need to pass a resolution that allows HERO to operate within their jurisdiction. The HERO Program takes care of all the administration and participation is 100% voluntary for cities and property owners.
The HERO Program is a private-public partnership that enables any city or county to offer PACE financing to property owners within their community. The Program is privately funded and requires no cost outlays by the participating communities. HERO has received many awards, including the Southern California Association of Governments (SCAG) President's Award for Excellence and the United States Green Building Council (USGBC) California Top 10 Green Building Policies for Municipalities. To learn more about HERO, visit www.herofinancing.com.
About the ACC-OC
The Association of California Cities – Orange County (ACC-OC) serves as a vital resource for municipal staff and elected officials, a strong voice for Orange County's cities and a hub for good public policy. ACC-OC is guided by its three key initiatives, which include: serving as a catalyst for regional collaboration, an educational resource for Orange County city leaders and as the hub for good public policy in Orange County. Learn more about the ACC-OC at www.ACCOC.org
SOURCE Renovate America
Browse our custom packages or build your own to meet your unique communications needs.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.