OAKLAND, Calif., July 19, 2016 /PRNewswire/ -- Renew Financial, a leader in clean energy financing, today issued a statement from CEO Cisco DeVries, who first innovated the Property Assessed Clean Energy (PACE) model for financing clean energy and energy-efficiency renovations, in support of the newly-issued guidance on PACE from the Federal Housing Administration:
"This is an important step forward for PACE and for millions of American homeowners who will now be able to access and enjoy the benefits of clean energy and energy efficiency. PACE enables homeowners to finance the entire cost of energy and water upgrades to their homes and then repay those costs as a line item on their property tax bill."
With this guidance from the Federal Housing Administration -- and the coordinated efforts from the U.S. Department of Energy and the White House -- millions more homeowners will be able to use PACE to lower their utility bills and make their homes more comfortable. And communities will see major environmental benefits and the creation of new jobs. It's a win for homeowners, a win for the economy, and a win for the environment."
To date, Renew Financial's CaliforniaFIRST program has enabled more than 10,000 California homeowners to upgrade their homes. Over the lifetime of the equipment installed, these projects will save more than 375 million gallons of water and reduce greenhouse gas emissions by 350,000 metric tons.
The Mortgagee Letter may be found here.
About Renew Financial and CaliforniaFIRST
Renew Financial is one of the nation's leading clean energy financing companies. Founded in 2008 by Cisco DeVries, who created the concept of the Property Assessed Clean Energy (PACE) financing model, Renew Financial now provides multiple financing products across the U.S. PACE — which was endorsed by President Obama and named by Scientific American as one of the top 20 ideas that can change the world — 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. 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 rainforest with a donation made for every completed project.
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. For more information: www.californiafirst.org.
SOURCE Renew Financial