New Residential PACE Launch Is a Success in Southern California

The Home Energy Renovation Opportunity (HERO) Financing Program, sponsored by the Western Riverside Council of Governments (WRCOG), was launched in Riverside County (CA) in September 2011 for commercial projects and three months later in December for homes.  HERO is shaping up as a success on both residential and commercial fronts. To date, 2,000 residential homeowners have applied, 1,250 of them have met the programs underwriting criteria to spend up to $38 million in eligible improvements.  300 residential PACE projects have been completed with just over $5 million in spending on home improvements.  On the commercial side, a $700,000 transaction is slated to close this month and another $20 million worth of projects are in the works and expected to close in the coming year.  What makes WRCOG’s program so successful?  In this blog post, we will address major program elements and focus on the residential component of the program. Read full story.