Innovative Form of Financing Now Available in HawthorneAfter City Council Votes
The Hawthorne City Council voted unanimously on Tuesday to allow their homeowners to access Property Assessed Clean Energy (PACE) home improvement financing through industry leader Home Run Financing (HRF). Hawthorne joins more than 340 other cities and towns in California in approving the Program. The City of Los Angeles was an early adopter of the PACE program and Hawthorne joins more than 35 other cities in Los Angeles County in making HRF PACE Funding available to homeowners.
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“It's great to see Hawthorne homeowners gaining this additional option for making needed energy, water, and safety upgrades,” said Home Run Financing CEO, Robert Giles. “I'm glad to see another city adding PACE to its toolkit to help Californians make their homes and communities safer.”
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. As well, drought remains a perennial problem in California and more and more homeowners are looking for additional ways to fund home upgrades to save water. PACE Financing is specifically designed to be used for such water and energy saving projects.
“As Southern California continues to face more extreme heat, people need access to funding options to make their homes more energy and water efficient,” said Hawthorne City Councilmember Angie Reyes English. “PACE can help Hawthorne residents fund needed home upgrades and can help build our community's resiliency in the face of these challenges.”
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 and financing documents to contractor guidance materials. There are bilingual staff in California to partner with contractors on an ongoing basis. HRF's customer service call center is also staffed with bilingual employees.
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, includingability to pay tests; 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.
In the nine years Home Run Financing (previously PACE Funding Group) has been operating in California, the company has provided more than $600 million in PACE financing for more than 19,500 home improvement projects across the state. These projects have set in place greenhouse gas reductions, over the lifetime of the upgrades, of 230,500 metric tons, equivalent to taking almost 53,800 cars off the road for a year or powering 31,000 homes for a year. The water efficiency upgrades have set in place the conservation of 253 million gallons of water, equivalent to filling 12,000 backyard pools or taking 10 million five-minute showers. HRF-financed projects have created 5,400 good-paying jobs across the state.
Learn more at www.homerunfinancing.com.
CONTACTSevern Williams, 510-336-9566sev@publicgoodpr.com
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SOURCE PACE Funding Group LLC.
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