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March 14, 2023 |

Homeowners in Bell and Paramount Can Now Fund Renewable Energy and Water Saving Projects, Earthquake Resiliency, HVAC, Through PACE Financing

Innovative Form of Financing Now Available in Bell and Paramount via Home Run Financing; Approval Based on Home Equity, Payments made Through Property Taxes; Model Shown to Create Sustainable Jobs in the Local Clean Energy Sector

LOS ANGELES – Homeowners in the Cities of Bell and Paramount, both in Los Angeles County, can now  access Property Assessed Clean Energy (PACE) home improvement financing through industry leader  Home Run Financing (HRF), giving area residents new access to this innovative mechanism to fund renewable energy and energy and water efficiency upgrades, as well as earthquake resiliency. Bell and  Paramount join more than 340 other cities and towns in California, including more than 30 in LA County,  in making PACE Funding available to homeowners.  

Approval for PACE financing is based on homeowners’ home equity, rather than their credit score;  requires no money down to start a project; and enables customers to make payments through their  property taxes. This makes financing available for many more homeowners for projects including HVAC,  solar, energy efficient roofing and insulation, and water efficiency, as well as fire-resistant roofing and  seismic (earthquake) resiliency. 

“It is important for the Bell community to have development opportunities such as the ones PACE  provides,” said Monica Arroyo, Mayor of the City of Bell. “Water is a scarce resource and energy bills  keep going up. This program gives our homeowners better access to equitable home improvement  financing, making it more affordable to meet their water and energy needs.” 

PACE Financing is available only through registered and trained contractors. State legislation and  regulation by the state Department of Financing Protection and Innovation (DFPI) provides robust  consumer protections for homeowners.  

“PACE is an innovate financing mechanism that helps communities upgrade their housing stock to help  them be more energy efficient, save water during the drought, and be more resilient in the face of  wildfires and earthquakes, while creating good local jobs in the clean energy sector,” said Robert Giles,  CEO of Home Run Financing. “And because this financing model provides access to capital for  underbanked, underfinanced communities, it is helping to expand access to money-saving home  renovations to communities across California.”

Despite the recent rains, drought remains a perennial and deepening problem in Southern California, so  more and more homeowners are looking for additional ways to fund home upgrades to save water. California homeowners are also looking for ways to reduce utility bills in the face of rising energy costs,  both by installing renewable energy systems like solar panels, and by installing more efficient (less leaky)  windows and doors and roofs. PACE Financing is specifically designed to be used for such energy saving  projects.  

“We were very happy to approve this inventive financing opportunity for our residents, many of whom  want to make energy-efficiency home improvements like strengthening their house roofs for solar  panels and replacing older heating and cooling systems or water heaters,” said Paramount Mayor Vilma  Cuellar Stallings. “We want as many funding options as possible to make it easier for our residents to ‘go  green.’ The PACE program will make that happen.” 

The PACE financing model has evolved significantly over the last decade. It now provides the strongest  consumer protections of any home improvement financing product, with homeowner identity  verification measures; recorded confirmation of terms calls conducted in English or Spanish to ensure  the homeowner understands the financing; a further recorded call in English or Spanish to verify the  project is complete before the contractor gets paid; third-party inspection of completed projects; rigorous contractor oversight and training; and additional protections for the elderly and low-income  homeowners, among several other stringent consumer protection measures. 

More than 15 million people in California – almost 40 percent of the population – are Hispanic/Latino,  and Spanish is the primary language for many of these people. HRF is committed to working with  Spanish-speaking homeowners and contractors. All materials are available in Spanish, from the website  and homeowner contracts to the contractor portal and other contractor materials. Contractors have  access to Spanish-language onboarding and training sessions, and there are bilingual staff in California to  partner with contractors on an ongoing basis. HRF’s customer service call center is staffed with more  than 60 bilingual employees. 

In the six years Home Run Financing (previously PACE Funding Group) has been operating in California,  the company has provided almost $416 million in PACE financing for 14,000 home improvement  projects across the state. These projects have set in place greenhouse gas reductions, over the lifetime  of the upgrades, of 101,400 metric tons, equivalent to taking almost 22,000 cars off the road for a year  or powering almost 13,000 homes for a year. The water efficiency upgrades have set in place the  conservation of 56.4 million gallons of water, equivalent to filling 2,800 backyard pools or taking 2.8  million five-minute showers. HRF-financed projects have created more than 3,700 good-paying jobs  across the state. 

Learn more at www.homerunfinancing.com or in Spanish at https://es.homerunfinancing.com/. 

Home Run Financing PACE Q&A 

Q: What types of projects can be financed with PACE funding? 

A: PACE financing can be used for renewable energy and energy and water efficiency upgrades, such as  HVAC, solar, energy efficient roofing and insulation, water-efficient appliances, and drought landscaping.  The financing also covers earthquake and wildfire home upgrades such as seismic stability and fire resistant roofs. 

Q: What agency regulates and oversees Home Run Financing in California?  

A: The California Department of Financial Protection and Innovation (DFPI) regulates, licenses, and  oversees PACE providers in the state. It has the authority to oversee the various PACE Program  Administrators, such as HRF, that work with homeowners to fund their PACE home improvement  projects.  

Q: What consumer protections are in place for California homeowners who use PACE funding? A: PACE offers the most stringent consumer protections in the home improvement financing industry through State level legislation and regulation, and the national nonprofit association PACENation. These  protections include homeowner identity verification measures; recorded confirmation of terms calls, conducted in English or Spanish, to ensure the homeowner understands the financing; a further  recorded call in English or Spanish to verify the project is complete before the contractor gets paid;  third-party inspection of completed projects; rigorous contractor oversight and training; and additional  protections for the elderly and low-income homeowners, among several other stringent consumer  protection measures. 

Q: How are California contractors selected to work/partner with Home Run Financing?  A: HRF follows a rigorous onboarding procedure for contractors, checking licensing, insurance, and  reputational background. California requires six hours of mandatory training for contractors; HRF meets  or exceeds this requirement by providing a code of conduct training, training in the use of the online  financing portal, and ongoing monitoring and support (all available in Spanish).  

Q: How does Home Run Financing work with Spanish-speaking homeowners? 

A: More than 15 million people in California – almost 40 percent of the population – are Hispanic/Latino,  and Spanish is the primary language for many of these people. HRF is committed to working with  Spanish-speaking homeowners and contractors. All materials are available in Spanish, from the website  and homeowner contracts to the contractor portal and other contractor materials. Contractors have  access to Spanish-language onboarding and training sessions, and there are bilingual staff in California to  partner with contractors on an ongoing basis. HRF’s customer service call center is staffed with more  than 60 bilingual employees. 

CONTACT
Severn Williams, 510-336-9566
swilliams@tanagercommunications.com

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Copyright © 2023 PACE Funding Group, LLC.

PACE Funding Group, LLC is licensed to provide PACE financing in California – License number 60DBO-91769

PFG Lending, LLC is licensed in the following States to provide Home Run Loans:
Florida Office of Financial Regulation – License number SF9901932
Missouri Division of Finance – License number 6691035
Kansas Office of the State Bank Commissioner – License number SL.0026816
California Department of Financial Protection and Innovation (DFPI) — License number 60DBO – 138794

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