HERO and PACE programs

Please wary homeowners.

The PACE (Property Assessed Clean Energy) program for homeowners to update and upgrade their home with energy efficient items such as newer AC and Heating units, Solar Panels, insulation, and water efficient and drought tolerant landscaping. Riverside CA just approved the CaliforniaFIRST¬†program, which is the PACE program in CA. To read the complete article “Riverside approves leading CaliforniaFIRST PACE clean energy financing program for local homeowners”

HERO (Home Energy Renovation Opportunity)

These programs are great for homeowners that wish to update their homes, plan on living in them for the next 10 years or more and need financial help to do so. However it needs to known that they charge high interest rates and these go on your property taxes. Going onto your property taxes makes it so you can have a buyer assume your debt when you sell the home, however that is if you find a buyer that wishes to take on your debt. Because the interest rates are high and sometimes involve prepayment penalties a lot of homeowners are stuck when the need to sell their home arises and they have they loans on their homes.

Bottom line, do your research and do what’s right for you in all aspects of your homeownership.

 

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