FOR IMMEDIATE RELEASE
Contact: Joyce Masterson, 760-839-4621
Escondido residents and business owners now have two new ways to finance energy-efficient home improvement projects without significant upfront costs. On April 9, 2014, the Escondido City Council approved participation in the Home Energy Retrofit Opportunity (HERO) program, and the Figtree PACE program. Both programs provide Property Assessed Clean Energy, or PACE loans that allow commercial and residential property owners to finance renewable energy projects through long-term, low-cost, financing paid through their property tax bill.
Improvements are financed with bonds issued through a Joint Powers Authority. The HERO program is authorized through the Western Riverside Council of Governments and administered by Renovate America, a for-profit corporation based in San Diego. The Figtree program is authorized through the California Enterprise Development Authority. There are no fiscal impacts to the City due to joining the HERO or Figtree Programs. There are no upfront or ongoing costs involved in being an Associate Member of WRCOG or the California Enterprise Development Authority and no costs to the City for the PACE program inception or operation.
For more information about the programs, please visit www.heroprogram.com or www.figtreefinancing.com