Daily News: August 31, 2017

ING Capital Provides $40MM Facility to Renovate America

Renovate America closed a $40 million credit facility with ING Capital to support the continued expansion of HERO, the nation’s largest form of Property Assessed Clean Energy (PACE) financing.

The multi-year credit facility further bolsters Renovate America’s financial position with enhanced liquidity and will further diversify the company’s funding profile.

Since launching more than five years ago, HERO financing has been used to make energy and efficiency improvements across more than 100,000 homes in California and Missouri. HERO also just became available in Florida, where it can also finance hurricane-protection improvements such as impact-resistant windows.

HERO empowers homeowners to replace their windows and doors, upgrade their HVAC, go solar 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.

San Diego, CA-based Renovate America is a provider of home-improvement financing.