Hero financing, no money down, meter
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by ecoSolargy

Breaking News: HERO Saves Local Contractor

HERO Financing is the future of sustainable financing.  It is rapidly expanding in California and soon will expand to other states. The HERO Program (Home Energy Renovation Opportunity) is a variation of PACE Financing (Property Assessed Clean Energy).   It uses low interest, long-term loans, which are conveniently repaid alongside the customer’s property taxes.  These tools finance energy efficiency and renewable energy projects for residential and commercial properties.  A couple weeks ago, we held a “Lunch & Learn” for solar installers to learn about the HERO Program.  You can watch that presentation here.  HERO is changing the solar financing game.

hero financing, riverside, anaheim, solar, financing, efficiency

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Why Will HERO Be A Game Changer?

Solar financing has evolved over the past two decades.  First, traditional loan financing was the only option.  Then came power purchase agreements (PPA) and leases.  In my (and many others) opinion, these alternative financing vehicles caught on because they reduce risk.  Residential and commercial solar could now be installed with no money down while providing net savings.  This eliminates the idea that solar is too expensive!  The HERO Program improves on current financing options and opens the market to more individuals.

Hero financing, no money down, meter

Moving

Why is HERO financing better?  Let’s examine current issues with solar financing and the markets it can’t reach.  Solar is a long-term commitment. If you’re anything like me, you’re afraid of commitment…especially since you can’t divorce your solar system.  The shortest lease agreements on the market are for about 10 years.  The average American moves 11.7 times in their life.  Although 10 years seems like a reasonable length of time, it’s still a long commitment for an average homeowner.

When you purchase your system it significantly increases your property value and can be sold with your house.  If you lease, borrow, or sign a PPA for your solar system, you want that same ability to transfer the cost to the new homeowner, right?  Well, HERO Financing and other PACE programs allow you to transfer ownership!  When someone moves, the next property owner inherits the benefits of your upgrades as well as the associated payments.

Bad Credit

As with many large purchases, your credit report can make or break the deal.  Bad credit can kill a project for installers.  Homeowners with poor credit might have a shot at going solar, but only with a high interest loan. If poor credit is holding a project back, let HERO financing be your hero!

HERO Financing makes going solar an option for individuals with poor credit.  There’s no credit check to qualify for the HERO program; the “loan” is secured against your property, not your personal credit.  Eligibility depends on the home’s equity and the homeowners’ standing on property tax payments.

Solar CaliforniaHow Does it Work?

Consumers: HERO Financing added to your property tax to finance your energy efficiency upgrade or renewable energy project.  Repayment terms vary based on the estimated life of the technology being installed.  For example, solar modules last for at least 25 years, so your HERO loan will have a 20 year term.  Loan payments are a line item which is added to your regular property tax bill.  Plus, you’ll have even more tax incentives available.  ecoSolargy can help you determine all the ways you can save.  If you live in a city listed below, give us a call and we’ll connect you with a qualified HERO contractor.

Installers: First off, I highly recommend you watch this video. It walks you through every step needed to start offering HERO Financing to your customers.  Contractors will need to register on the HERO website to participate in the program.  Give us a call and we’ll help you get started.  Once you are a registered HERO contractor, you can use their tools to determine a customer’s payments.  Contractors receive payment through HERO thirty days after a project is completed.

Foothill ranch, Lake Forest, Orange County, Commercial solar, installationWhat’s Next?

HERO Financing is rapidly expanding, reaching 14 new counties this year alone.  As a solar installer, this financing tool can help define which markets to enter or can revive a proposal you thought was dead.  If you’re still unsure how to use HERO Financing to your advantage, give us a call – we’ll help you start closing deals.  Right now, we’re offering net thirty day terms for all HERO approved projects! This means you can purchase all the materials for your HERO project, and you won’t owe us a dime until after you’re paid by HERO! Call us today to start closing deals using HERO Financing!

Net 30, extended terms, HERO financing,

If you work in any of the following counties, the HERO Program is for you:

County of Riverside

County of Kern – Coming 2014!

Banning

Kern County

Calimesa

Taft

Canyon Lake

County of Los Angeles – Coming 2014!

Corona

Alhambra

Eastvale

Azusa

Hemet

Baldwin Park

Jurupa

Bellflower

Lake Elsinore

Bradbury

Menifee

Carson

Moreno Valley

City of Industry

Murrieta

Claremont

Norco

Covina

Perris

Diamond Bar

Riverside

El Monte

San Jacinto

El Segundo

Temecula

Gardena

Wildomar

Glendora

County of San Bernardino

Hawthorne

Adelanto

Hermosa Beach

Apple Valley

Inglewood

Big Bear

Irwindale

Chino

La Canada Flintridge

Chino Hills

La Verne

Colton

Lawndale

Fontana

Lomita

Grand Terrace

Monrovia

Hesperia

Montebello

Highland

Monterey Park

Loma Linda

Palmdale

Montclair

Pomona

Needles

Rancho Palos Verdes

Ontario

Rolling Hills

Rancho Cucamonga

Rolling Hills Estates

Redlands

Rosemead

Rialto

San Dimas

San Bernardino

San Gabriel

Twenty Nine Palms

San Marino

Upland

Santa Monica

Victorville

South El Monte

Yucaipa

South Pasadena

Yucca Valley

Temple City

County of Orange

Torrance

Anaheim

Walnut

Brea

West Covina

Buena Park

County of Merced – Coming 2014!

La Palma

Atwater

Newport Beach

County of Monterey – Coming 2014!

Placentia

Monterey

Santa Ana

County of Napa – Coming 2014!

Tustin

American Canyon

Westminster

Calistoga

County of San Diego

Napa

Lemon Grove

Yountville

Oceanside

County of Sacramento – Coming 2014!

San Marcos

Citrus Heights

Solana Beach

County of Santa Clara – Coming 2014!

Vista

San Jose

County of Fresno – Coming 2014!

County of Santa Cruz – Coming 2014!

Clovis

Scotts Valley

Fresno

County of Solano – Coming 2014!

County of Imperial – Coming 2014!

Solano County Unincorporated

Brawley

County of Stanislaus – Coming 2014!

El Centro

Newman

Turlock

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