The HERO Program is an energy-efficient financing program in the USA. The title HERO stands for Home Energy Renovation Opportunity. The HERO Program is a Real Estate Assessed Clean Energy (PACE) Program, which offers funding for energy-efficient, water-efficient, and renewable energy products to home and business owners in authorized communities within California and Missouri. The funding provided by the HERO Program is reimbursed via annual property tax payments, that are collected by the County and sometimes could be passed on to a new homeowner when the property is sold.
HERO is a Property Assessed Clean Energy (PACE) Program enables homeowners to install energy efficiency, renewable energy and water-saving improvements to their properties without putting any money down. Under PACE, homeowners may work with one of two County-approved program administrators to finance these home improvements.
A unique financing tool, PACE allows issuing a bond to a lender, which secures funding for the installation of energy and water efficiency, and renewable energy projects that are permanently fixed to the property. Homeowners then repay financing annually through an assessment on their property tax bill.
PACE financing enhances home values, lowers homeowners’ energy bills, reduces greenhouse gas emissions and creates green jobs.