Renew Financial’s Residential PACE Program in California Surpasses $945 Million in Energy Efficiency and Renewable Energy Investments
Renew Financial offers a customer-focused approach to financing and is available in new communities in California.
OAKLAND, Calif., Nov. 11, 2022 /PRNewswire/ — Renew Financial, the nation’s most experienced and one of the leading providers of residential Property Assessed Clean Energy (R-PACE) financing, announced today that its California program, CaliforniaFirst, has funded renewable energy, energy efficiency, water conservation, and seismic resiliency projects totaling over $945 million to date.
Renew Financial continues to grow its footprint and this year has been approved to offer the CaliforniaFirst program in the City of Alhambra and the City of Maywood in Los Angeles County, as well as the City of Roseville in Placer County – making it available to homeowners in 350 communities across the state.
When homeowners choose Renew Financial they can expect to receive the company’s commitment to provide access to low cost, upfront financing for vital home improvements along with industry recognized consumer protections. Since its founding in 2008, Renew Financial has never fallen short of fulfilling its mission with transparency and accountability every step of the way.
“Renew Financial is fully committed to ensuring that every contractor and homeowner who works with our organization thoroughly understands the financing program and what their obligations are,” Mark Floyd, CEO of Renew Financial, said. “Providing equitable services, honest information and fair financing are the core of our organization.”
Renew Financial offers consumer protections for each homeowner, including but not limited to: comprehensive and easy to read disclosures, a three day right to cancel (five days for those age 65 and older), an ability to pay review, and access to a team of professionals who are dedicated to assisting the homeowner with the financing of their home improvements. Renew Financial staff also conduct a live, recorded phone call with at least one of the property owners to answer any questions and go over key terms and conditions of the financing, such as that the homeowner may have to pay off the assessment during a sale or refinance. Moreover, contractors are vetted, approved, and monitored when they participate in the CaliforniaFirst program.
Additionally, Renew Financial has historically received high customer satisfaction ratings — rating higher than competitors year after year. In August 2022, the organization received a Net Promoter Score (NPS) of 77, compared to the financial services average of 34. This score gave Renew Financial a best-in-class rating for R-PACE companies in the nation.
“The process of obtaining PACE was very easy and smooth. The staff at Renew Financial was exceptionally helpful! We had no choice but to replace our ancient AC system, which was costing us a fortune in repairs and energy bills. The financing terms were fair and affordable, we received a much lower interest rate than if we had taken out a personal loan. Thanks to PACE our payments were affordable for us to complete our project,” Michelle and Mark J., Chico, CA.
R-PACE is a powerful resource that enables state and local governments to meet important sustainability goals due to the program’s ability to help local governments advance key policy priorities, such as natural disaster preparation, reduced carbon emissions, higher energy savings, and water conservation. Over the past decade, the Residential PACE industry has grown, with an economic impact of over $15 billion nationwide, and has generated thousands of jobs in local communities.
Renew Financial offers homeowners safe, affordable financing with consumer protections that go above and beyond what traditional home improvement financing alternatives commonly provide. R-PACE is a tool that gives homeowners another option when deciding how to pay for critical home improvements.
To find out if R-PACE from Renew Financial is available in your community, visit renewfinancial.com.
Renew Financial Group LLC (Renew Financial) is one of the nation’s leading financing providers for sustainable building improvement projects with a bold vision to create financial access to a safe, healthy, and sustainable world. Renew Financial administers the Residential Property Assessed Clean Energy (R-PACE) program in California and Florida to strengthen communities by making homes and businesses safer, more energy efficient, and more valuable. Renew Financial has funded more than $1.3B in PACE projects that have led to greenhouse gas reductions (GHGs) of nearly 1.5 million metric tons, equivalent to removing over 320,000 cars from the road, contributed to the creation of over 18,000 local jobs, and savings of over 2 billion gallons of water. Renew Financial is a trademark of Renew Financial Holdings, Inc. Learn more at renewfinancial.com and on LinkedIn, Twitter, and Facebook.
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SOURCE Renew Financial Group LLC
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