We stand with Florida to renew and rebuild
Hurricane Irma is going to be one of the costliest hurricanes in the history of the United States. With perhaps a quarter of all homes in the Keys destroyed, damage throughout the state, and power still out for millions of Floridians, we know there is a long and difficult road ahead for recovery.
We at Renew Financial stand with Florida as it begins to rebuild. And we want to make sure we can rebuild stronger and better than we were before.
Governments and power utilities have spent billions preparing for hurricanes and now billions more will be spent in recovery. The State and many local governments have also quietly made available one of the most valuable tools to help homeowners make repairs from the storm and protect their home from future storms. Because of this, PACE financing is now available throughout much of the State.
PACE financing is a tool authorized by local governments that allows homeowners to finance needed repairs or replacement of their windows, roofs, air conditioning — as long as it is done by qualified contractors. The lower cost financing is then repaid through a line item on the owner’s property tax bill over the next 5-25 years.
While PACE financing is somewhat new, it simply takes the concept invented by Benjamin Franklin of using property assessments to help fund critical upgrades and services for local communities, and applies it to critical upgrades for individual homes. I originally created the first PACE program to help a group of homeowners who wanted to put solar panels on their roofs but didn’t have the upfront capital to be able to do it. That idea has grown.
Now, property owners in Florida can use PACE to finance the cost of energy efficiency, wind resistance, and renewable energy upgrades to their homes and businesses, and then repay those costs on their property tax bills.
As our nation faces the aftermath of some of the most powerful hurricanes ever witnessed, Renew Financial is poised to help Florida homeowners with critical repairs. By providing a $0 down financing option with no prepayment fees, more homes in Florida can be repaired more quickly — and be better able to withstand the next hurricane. And we are doing this with 100% private capital
I am committed to accelerating the recovery. Today, we are pledging millions of additional dollars in zero-cost working capital to our local contractor partners to help them get their businesses running and respond to the needs of their communities.
We carefully select the local contractors that we partner with in an effort to ensure that each job is performed with care and quality. And because of the way our contractor partnerships are structured, homeowners never pay a penny until they sign off that the project has been completed to their satisfaction.
Lastly, we know there are many with needs that cannot make use of PACE financing. Therefore, for every project we finance in Florida for the rest of the year, Renew Financial will also make a $100 donation to local Florida non-profits that are helping us recover from this storm. Keep an eye on the Renew Financial website for updates.
My vision for PACE has always been to democratize vital home improvements — ensuring all homeowners are able to pay for the projects that will save energy and save lives. Given the damage from Irma, the need for home repairs is particularly urgent across Florida right now. Renew Financial is ready to help.
— Cisco DeVries, CEO, Renew Financial