In 2019, PACE enabled over 4,000 Florida property owners to finance storm hardening, renewable energy, and efficiency projects for their homes
TALLAHASSEE, Fla.–(BUSINESS WIRE)–Today, Renew Financial announced the successful funding and completion of over $100M in clean energy and resilience-related projects in the State of Florida in 2019. PACE programs allow qualified property owners to finance the costs of renewable energy, storm safety, and energy efficient home improvements at a fixed interest rate with flexible repayment terms.
In crossing this $100 million milestone, Renew-funded investments have helped over 4,000 homeowners across Florida make their residential properties safer and more energy efficient. Successful improvement measures include hurricane-resilient roofs, impact windows and doors, efficient HVAC systems, solar systems and more. Altogether these sustainable investments have empowered homeowners to increase the value of their homes, lower their annual utility costs and insurance premiums, and reduce their GHG emissions and environmental footprint.
Renew Financial developed PACE as a low-cost, upfront financing solution for a broad range of homeowners, particularly those who traditionally have greater difficulty accessing affordable financing. On top of the financial benefits and consumer protections PACE offers homeowners, state and local governments also use PACE as an effective public policy tool to reduce their local energy use and to promote home safety and resiliency upgrades. In 2019 alone, PACE-financed projects in Florida have led to over 214 million kilowatts of renewable energy generated, 26.5 million kilowatts of energy saved, and 78,000 metric tons of GHG emissions reduced.
Kirk Inglis, CEO of Renew Financial, commented: “Renew’s proven success in Florida is a clear illustration of the incredible benefits PACE offers both homeowners and local communities. We are proud of the impressive scale of our sustainable investments in Florida homes and communities, and we look forward to continue working with policymakers to further expand access to PACE to millions more property owners across the Sunshine State.”
Click here to see three ways that Renew Financial invests in Florida.
About Renew Financial
Renew Financial Group LLC (Renew Financial) is one of the nation’s leading providers of financing for sustainable building improvement projects with a bold vision to create financial access to a safe, healthy and sustainable world.
Currently, Renew Financial administers and provides multiple financing products across the country, including Property Assessed Clean Energy (PACE) programs operating in California and Florida. These PACE-financed projects help to strengthen communities by making homes and businesses safer, more energy efficient, and more valuable.
As an alternative financing solution, PACE is an effective policy tool enabled by state and local governments that provides homeowners and business owners with access to private capital to finance the full costs of renewable energy, energy efficiency, water conservation, safety, and resilience-related upgrades. To date, PACE projects financed by Renew Financial have led to greenhouse gas reductions (GHGs) equivalent to removing over 264,000 cars from the road. Renew Financial is a trademark of Renew Financial Holdings, Inc. Additional information may be found at renewfinancial.com.
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