RIVERSIDE, Calif., Aug. 24, 2016 /PRNewswire/ -- The City of Riverside is the latest community in the area to offer Renew Financial's CaliforniaFIRST program thanks to an affirmative vote of the city council last night. CaliforniaFIRST provides cost-saving financing to thousands of eligible property owners for environmentally friendly home energy upgrades that are then repaid on property taxes.
The Tuesday night vote by the city council offers residential and commercial property owners the chance to take advantage of important financing options for renewable energy and energy efficiency upgrades, as well as water efficiency measures, and electric vehicle (EV) charging infrastructure. PACE (Property Assessed Clean Energy) financing, which has been adopted by more than 200 cities and counties across the state, 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. Now property owners throughout Riverside County and the greater San Bernardino County can immediately take advantage of it. CaliforniaFIRST's PACE financing program allows homeowners to choose a participating contractor in their area and install a variety of custom-tailored clean energy, water efficiency and EV charging projects.
"We are committed to providing California homeowners with a simple way to finance upgrades that improve properties while saving energy, water and money," said Cisco DeVries, CEO of Renew Financial. "Homeowners in Riverside now have an important choice when it comes to lowering their bills and reducing their energy and water usage. By selecting PACE, they are joining millions of their fellow Californians in the effort to reduce greenhouse gas emissions and save water at the same time. We are thrilled to continue our expansion into Riverside and San Bernardino counties and provide the entire region with options to save money and improve the value of their homes."
"We are happy that CaliforniaFIRST PACE financing option is one of several new PACE programs that homeowners and commercial property owners in Riverside can utilize to make crucial energy upgrades," Mayor Rusty Bailey said. "Competition is a good thing for consumers and the anticipated increase in PACE volume in our city will also help create and sustain local jobs in the contractor community."
For more information please visit: www.californiafirst.org.
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.
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.
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SOURCE Renew Financial