Renovate America, a leading U.S. provider of home-improvement financing, announced recently that it has closed a $200 million credit facility with Bank of America N.A. to support the continued expansion of the HERO Program, the nation’s largest form of Property Assessed Clean Energy (PACE) financing. The credit facility will provide Renovate America with enhanced liquidity and will further diversify the company’s funding profile. Renovate America now has five warehouse lenders in aggregate, up from three last year.
Since launching just over five years ago, the HERO program has been used to finance energy and efficiency improvements across 90,000 homes. HERO empowers homeowners to replace their windows and doors, upgrade their HVAC, go solar, and more, and pay for the improvements over time at a fixed interest rate via an additional, voluntary line item on their property taxes. The products installed must meet federal and state efficiency standards, and many homeowners are able to lower their monthly utility bills as a result.