Since the Start of Hurricane Season, RenewPACE Applications for Critical Home Upgrades up 30% in Florida
Customers & Leaders Share Their Positive Experiences
Customers & Leaders Share Their Positive Experiences of RenewPACE Financing for Home Protection
Renew Financial, the pioneer of Property Assessed Clean Energy (PACE) financing and a leading provider of financing for home improvements, today announced that RenewPACE financing applications for storm hardening upgrades are up 30 percent in Florida since the 2019 hurricane season started. RenewPACE empowers Florida homeowners to finance critical upgrades, like hurricane resistant windows, doors and roofs, and then repay those costs over time as a line item on their property tax bill.
Since 2017, RenewPACE has helped more than 5,800 Florida homeowners finance improvements to make their homes more resilient and efficient by providing access to capital with prime pricing and terms. More than 40 percent of those projects, representing a total investment of over $50 million, is intended to make the homes more resilient against hurricanes, flooding, and other natural disasters.
Hurricane season lasts from June 1st to November 30th each year, according to the National Hurricane Center. Since the start of this year's season, Renew Financial has already seen a 30 percent increase in RenewPACE financing applications over the previous five-month period. With PACE financing available in a number of communities across Florida, Renew Financial will be able to help thousands more Florida families withstand the effects of powerful storms.
"This increasing demand for RenewPACE financing reflects the growing number of homeowners, including young families with limited savings, who are taking advantage of residential PACE to make their homes safer and more resilient against the devastating effects of hurricanes, floods, and other natural disasters. As Florida approaches peak hurricane season, homeowners have another tool in the arsenal to make these critical upgrades while also reducing their insurance premiums and saving money on their monthly electric bills," said Renew Financial CEO Kirk Inglis.
"We are proud of our track record helping a wide variety of Florida homeowners access PACE financing with prime pricing and fair terms while offering more extensive consumer protections than traditional home improvement financing," added Inglis.
Without a financing option like PACE, many homeowners struggle to finance critical improvements that protect their families and homes against increasingly severe storms and hurricanes and help them live more comfortably. Many Floridians are on high alert this summer after experiencing major storms for the past three summers. One of Renew Financial's Florida customers recently shared her positive experience using RenewPACE.
Marilyn, who has lived in Tampa since 2002, expressed, "Renew Financial provided outstanding customer service and supported me throughout the whole PACE funding process and my project. They ensured the process was stress-free for me!"
Marilyn is part of the overwhelming majority of Renew Financial customers in Florida who have said they are highly satisfied with the company. Despite the surge in applications, Renew Financial's complaints rates remain incredibly low. Renew Financial's complaint rate is less than 1 percent for 2019.
Local leaders in Florida commented on the ongoing need for financing options like residential PACE to help residents protect their homes during hurricane season as well as the program's local economic benefits.
"More than ever, Floridians are realizing the importance of hardening their homes as a first step to becoming resilient to extreme weather," said Florida Representative Kristin Jacobs. "PACE financing is an innovative tool to put these improvements within reach for the average homeowner who might not otherwise be able to afford an upgrade that can make their property safer. It's great news that more of our residents are taking advantage of this option as we face another hurricane season."
Hillsborough County Commissioner Sandra Murman commented, "By protecting our neighborhoods against storms, reducing our energy waste and creating new jobs, PACE financing creates enormous benefits for Florida families and businesses, at no cost to taxpayers. I'm pleased PACE financing continues to become more accessible with local consumer protections and contractor oversight to protect our residents and look forward to PACE being available throughout our state."