Innovative Form of Financing Available in Tallahassee 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
TALLAHASSEE, Fla., Feb. 21, 2023 /PRNewswire/ — Homeowners throughout Florida can now access Property Assessed Clean Energy (PACE) home improvement financing through industry leader Home Run Financing, giving area residents new access to this innovative mechanism to fund renewable energy and energy efficiency upgrades, as well as hurricane hardening and repairs.
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, and energy efficient roofing and insulation, as well as hurricane resistant roofing, windows and doors.
PACE Financing is available only through registered and trained Florida contractors, and the Florida PACE Funding Agency (FPFA) provides robust consumer protections for homeowners.
“This innovative financing mechanism helps communities upgrade their housing stock to be more resilient in the face of more powerful storms and hurricanes, while creating good local jobs in the clean energy sector,” said James Vergara, Jacksonville-based COO of Home Run Financing. “And because this financing model provides access to capital for underbanked, underfinanced communities, it is helping to expand hurricane preparedness to communities across Florida.”
As hurricanes have intensified and become more frequent and more widespread in recent years, more homeowners are looking for additional ways to fund home upgrades to protect their property. Florida 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.
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 5 million people in Florida – one quarter 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 Florida to partner with contractors on an ongoing basis. HRF’s customer service call center is staffed with more than 60 bilingual employees.
Learn more at www.homerunfinancing.com or in Spanish at https://es.homerunfinancing.com/.
Severn Williams, 510-336-9566