Renew Financial announced it has invested USD 421 million over the last decade to empower California homeowners to add solar PV systems to their properties.
Renew Financial announced it has invested USD 421 million over the last decade to empower California homeowners to add solar photovoltaic systems to their properties. Through the Property Assessed Clean Energy (PACE) financing solution offered by Renew Financial, more than 12,000 California homeowners have been able to complete residential solar projects and, in turn, successfully power California’s renewable energy future.
Established in 2008, the California PACE program allows eligible property owners to finance the cost of adding solar panels and other sustainable upgrades to their homes with no out-of-pocket expenses and flexible repayment terms. Renew Financial’s substantial investment has resulted in California homeowners generating over 2.3 billion kWs of electricity with their PACE-financed solar systems, effectively reducing their carbon emissions and saving USD 30 million in utility costs.
Renew Financial originally developed PACE as a low-cost, upfront financing solution for a broad range of homeowners, especially those who are unable to access prime rates through traditional lending options. Beyond the many valuable benefits, PACE offers homeowners, state and local governments also use PACE as an effective public policy tool to achieve environmental policy goals, such as reduced carbon emissions, higher energy savings, and water conservation.
Kirk Inglis, CEO of Renew Financial, said “California is leading the nation in solar adoption with more than 6 million homes creating more than 24,464 megawatts of solar capacity.
“Expanding access to PACE is critical for creating a more sustainable future here in the Golden State. We are excited about giving more Californians the opportunity to have their own residential solar systems, and we look forward to further broadening access to PACE for those looking to complete solar projects in a safe and cost-effective way.”
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.