HERO Program Launches In Tracy
A Property Assessed Clean Energy Financing ToolPosted: Jul 7, 2014
Location: Tracy, CA
For Immediate Release
July 7, 2014
HERO Program Launches in Tracy
A Property Assessed Clean Energy (PACE) Financing Tool
Tracy, Calif. –The City of Tracy is excited to announce the launch of the HERO (California Home Energy Renovation Opportunity) Program, one of several PACE programs established in California. PACE programs serve as financing tools for property owners to finance energy-efficient and water conservation upgrades.
In 2011, the Tracy City Council adopted a Citywide Sustainability Action Plan to address greenhouse gas emission reduction requirements and to help position the City as a desirable place for emerging environmentally-sustainable residents, businesses, and industries. “Tracy is committed to sustainable business practices. Joining the HERO Program gives our residents and businesses another method of financing clean energy projects,” commented Tracy Development Services Director Andrew Malik. “The program truly is a win-win for the community.”
Under the HERO program, residential and non-residential property owners can finance eligible renewable energy, water and energy efficiency improvements, and electric vehicle charging infrastructure on their property. Participating property owners agree to repay the amount borrowed through the voluntary contractual assessment collected together with their property taxes. Participation in the program is entirely voluntary.
There are currently ten PACE programs in California and many others nationwide. The HERO program began in Southern California in 2012 and has expanded to several Northern California communities. HERO is now the largest and most successful privately-funded residential PACE program in the country.
For more information on the HERO Program, please visit www.heroprogram.com/tracy or contact the City of Tracy at 209.831.6400.
Barbara Harb, Management Analyst