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2016-10-05 12:18:28
HERO PROGRAM
 
HERO is an acronym that stands for Home Energy Renovation Opportunity. HERO is the #1 energy efficiency financing program in the United States and partners with local governments to make energy efficient, water efficient and renewable energy products more affordable for homeowners.
 
 
What is the HERO Program?
 
 
 
The HERO Program offers a unique, affordable financing option for energy-efficient upgrades for increased efficiency, comfort and savings. Water-saving upgrades are also available in drought-impacted areas, such as California, and all are in partnership with your city or county.
How is HERO different from other forms of financing?
 
 
 
HERO is a PACE (Property Assessed Clean Energy) program that provides financing for energy-efficient and renewable energy products. In the state of California, HERO provides these same financing options for water-saving and drought-resistant products.
HERO offers more consumers access to energy-efficient options because HERO is financed as an assessment on your property. The interest on these payments may be tax deductible. (Property owners should consult their tax advisor regarding potential benefits.) Approval for HERO is primarily based on the equity in your home and your debt payment history, rather than your credit score. HERO finances 100% of the cost to purchase and install eligible products, with fixed rates and flexible terms of 5-25 years, depending on the improvements you choose and the state in which you are located.
Should you decide to sell your property before your HERO assessment is paid in full, any remaining balance may be able to transfer to a new property owner.
 
 
 
 
Are all contractors qualified to install eligible HERO products?
No. Only HERO Registered Contractors can install HERO eligible products. Each state has different qualification requirements in order to register for HERO.  
What are the eligibility criteria for HERO financing?
Approval is based on your home’s equity, not your credit score. Specific eligibility requirements for residential properties include, but are not limited to, the following:
  • Applicant(s) must be the owner(s) of record for the respective Property.
  • Mortgage-related debt on the Property must not exceed 90% of the value of the Property.
  • Property owner(s) must be current on their property taxes and there must be no more than one late payment in the past three years.
  • Property owners must be current on all Property debt of the subject Property at the time of application and cannot have had more than one 30-day mortgage late payment over the previous 12 months.
  • Property owner(s) must not have any declared bankruptcies within the past seven years, and the Property must not be an asset in any bankruptcy proceeding.
  • The Property must not have a federal or state income tax liens, judgment liens, mechanic’s liens, or similar involuntary liens.
 
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