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Home Energy Renovation Opportunity

HERO is the #1 energy efficiency financing program in the United States. HERO partners with local governments to make energy efficient, water efficient, and renewable energy products more affordable for homeowners. HERO finances 100% of the cost to purchase and install approved energy efficient, water efficient, and renewable energy products. HERO offers low-fixed interest rates, flexible payment terms including 5/10/15/20 years for most products, and repayments are made through your property taxes. If the property is sold before the HERO Financing is paid in full, the remaining payments can be passed on to a new property owner! However, your lender may require you to pay off the remaining balance when you refinance or sell your home. HERO Financing repayment is included in your property tax bill, which is delivered and collected by the County. You will see a line item titled HERO Financing on your property tax bill. If you make property tax payments through an impound escrow account, your lender will adjust your monthly payment to include the amount due for HERO Financing. Eligibility Homeowners who meet the minimum criteria below are eligible for HERO Financing. Specific eligibility requirements for residential properties include the following:
  • All mortgage-related debt must not exceed 90% of the value of the property.
  • Mortgage payments must be current at the time of application, and property owner(s) must not have had more than (1) 30-day mortgage late payment over the past twelve months.
  • Property taxes must be current and there must be no more than 1 late payment in the past 3 years.
  • No outstanding involuntary liens, such as tax liens or mechanic's liens.
  • Property owner(s) must not have had any active bankruptcies within the last seven years, and the Property must not be an asset in an active bankruptcy. However, if a bankruptcy was discharged between two and seven years prior, and the property owner(s) have not had any additional late payments more than 60 days past due in the last 24 months, the property owner may be approved.
  • Mobile homes must be permanently attached to the property and the owner of the underlying property must be the applicant and be subject to real property taxes.
  • Condominiums, commercial and trust properties may also be eligible if they meet certain criteria.
Costs and Rebates There are no fees to apply for HERO Financing. The interest rate for HERO Financing varies depending upon the term. Terms can range from 5 - 20 years and will affect your rate. HERO payments may be tax deductible, which can lower the effective interest rate. Homeowners can still receive any rebate that is offered by their local utility, city, county, etc. HERO Financing does not affect the rebate process in any way. Program Details HERO Financing is a simple 4 step process:
  1. Apply - Find out how much your home is approved for.
  2. Select - Choose the eligible products and select the contractor for your job.
  3. Sign - Sign your financing documents.
  4. Complete – Finish the installation.
For more information on the HERO Financing process please visit www.heroprogram.com. The HERO Program only requires that you comply with the building permit requirements for your city or county, whichever has jurisdiction over your property. If required, you (and your contractors) are responsible for obtaining permits and completing inspections. Property owner can finance multiple projects. However, all projects must be approved in order to make sure they meet efficiency standards. Only contractors registered with the HERO Program or a property owner who has signed a Self-Install Agreement may install HERO Financed Eligible Products. Contractors can register instantly at www.heroprogram.com as long as they have a valid California State Business License. Real Estate Transactions Over 2,000 HERO customers have refinanced or sold their homes. Most homeowners refinanced or sold their home without paying off the remaining HERO balance. However, homeowners should be aware that lending criteria can change and vary between banks. Some banks and/or purchasers require the outstanding assessment balance to be paid off when a homeowner refinances or sells a home. The HERO Program does not affect the process but does entail providing certain disclosures when selling a property. There are no prepayment fees or premiums associated with the HERO Program, regardless of the HERO assessment date. The homeowner must pay interest through the next bond payment date.

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