WASHINGTON, March 22, 2016 /PRNewswire/ -- Renovate America, the leading provider of residential Property Assessed Clean Energy (PACE) financing in the U.S, today was recognized by the White House for its goal to help homeowners save 34.1 billion gallons of water over the next 10 years through new and existing water-efficiency projects. The company is expected to enable $1.4 billion in new financing for an estimated 111,000 water-efficiency home improvement projects. This new private investment will help create an additional 12,000 jobs and $2.4 billion in local economic impact.
In conjunction with the United Nations World Water Day, the Obama Administration today hosted a Water Summit to raise awareness of water issues and potential solutions in the United States, as a way to stimulate ideas and collaboration to build a sustainable and secure water future. As part of this effort, the White House announced specific commitments being made by organizations and institutions from all sectors to address key water issues, such as water-use efficiency. Renovate America's HERO Program was recognized as a key solution for enabling the mass adoption of residential water-efficiency infrastructure improvements.
"PACE financing empowers homeowners to go beyond short-term behavioral water usage shifts and instead drive long-term water infrastructure changes," said J.P. McNeill, CEO of Renovate America. "States that are facing drought and water conservation concerns can use PACE to spur private investment in water efficiency. We see homeowners using the HERO Program to do their part to meet water reduction mandates in California by making a variety of improvements, such as installing water capture systems and artificial turf, which result in significant water savings over time."
According to the U.S. Environmental Protection Agency, homes account for more than half of publicly-supplied water use in the United States. Renovate America is working with state and local governments to expand the use of PACE to finance water-efficiency solutions for homeowners and to help address water conservation challenges. PACE financing requires no cash up front, is paid back over time through property taxes, and can allow homeowners to save on their utility bills. Popular water conservation projects that are eligible for financing include artificial turf, drought tolerant landscaping, irrigation systems, rainwater catchment systems, and high-efficiency faucets, showerheads and toilets.
In addition, residential water conservation reduces electricity needs, alleviates the demand to create new infrastructure such as water mains, and ensures that there is sufficient water pressure for fighting fires.
HERO, Renovate America's public-private PACE program, provides 100% financing for homeowners' water and energy-efficiency projects in California. Government partners can track these projects and their projected water savings with real-time information provided by HERO's integrated technology platform. Successful implementation of the HERO Program in California has helped homeowners comply with statewide water conservation mandates and lower their rising water bills. In fact, the number of new HERO-enabled water-efficiency improvements quadrupled since Governor Brown announced water reduction mandates on April 1, 2015, from 908 projects completed since the program launched in 2011, to 3,691 completed since the water mandate announcement last year.
HERO is currently available to 85% of households in California and continues to expand through resolutions passed by city and county governments. HERO can be replicated and scaled to fit the needs of other states and communities looking for water-saving solutions to assist homeowners. HERO is also expanding to other states, targeting energy efficiency, renewable energy, and other solutions—and will provide water-saving technology financing where government partners seek it.
About the HERO Program and Renovate America
Renovate America is the fastest-growing provider of financing for energy and water efficiency home improvements in the U.S. The company's HERO Program provides local governments with a comprehensive residential PACE financing solution that also includes consumer protection, business automation software, workforce training and ongoing access to private capital. This unique public-private partnership offers consumers access to more than 60 types of products that reduce energy and water consumption, without the need for government funding. The HERO Program has financed more than $1.3 billion across more than 57,000 homes in California, and is partnering with the Missouri Clean Energy District to provide HERO in Missouri this spring. HERO has received a number of awards including the U.S. Environmental Protection Agency's Climate Leadership Award, Governor's Environmental and Economic Leadership Award in California, the Urban Land Institute Best of the Best, and the Southern California Association of Governments President's Award for Excellence. Additional information can be found at www.renovateamerica.com and www.heroprogram.com.
SOURCE Renovate America