Renew Financial CEO and Innovator of PACE Financing, Cisco DeVries, Praises New Policy Guidance Released Today by the Federal Housing Administration (FHA)
Renew Financial, a leader in clean energy financing, today issued a statement from CEO Cisco DeVries, who first innovated the Property Assessed Clean Energy (PACE) model for financing clean energy and energy-efficiency renovations, in support of the newly-issued guidance on PACE from the Federal Housing Administration:
“This is an important step forward for PACE and for millions of American homeowners who will now be able to access and enjoy the benefits of clean energy and energy efficiency. PACE enables homeowners to finance the entire cost of energy and water upgrades to their homes and then repay those costs as a line item on their property tax bill.”
With this guidance from the Federal Housing Administration — and the coordinated efforts from the U.S. Department of Energy and the White House — millions more homeowners will be able to use PACE to lower their utility bills and make their homes more comfortable. And communities will see major environmental benefits and the creation of new jobs. It’s a win for homeowners, a win for the economy, and a win for the environment.”
To date, Renew Financial’s CaliforniaFIRST program has enabled more than 10,000 California homeowners to upgrade their homes. Over the lifetime of the equipment installed, these projects will save more than 375 million gallons of water and reduce greenhouse gas emissions by 350,000 metric tons.