Home Run Financing: A Decade of Progress
Since its inception in California, Home Run Financing (HRF) has played a pivotal role in the realm of Property Assessed Clean Energy (PACE) financing. Since 2015, HRF has successfully delivered more than $641 million in financing for approximately 20,700 home-improvement initiatives across the state.
Expansion of PACE Financing in California
The flexibility and effectiveness of PACE financing are evident as more cities and counties in California embrace this innovative funding solution. HRF now operates in over 360 jurisdictions, including recent expansions into communities like Lawndale, Hawthorne, and Calabasas in Los Angeles County, along with Mountain House in San Joaquin County, Willows in Glenn County, and Loomis in Placer County.
The PACE model, which originated more than 15 years ago, has become essential to California's strategy for clean energy and climate resilience. It empowers homeowners to finance critical improvements, such as roofing, energy-efficient windows and doors, HVAC systems, insulation, EV charging stations, and solar installations. Notably, California's PACE program has evolved to support projects focused on earthquake safety and water efficiency, addressing the state's unique climate challenges.
Empowering Local Communities
As witnessed in the Town of Loomis, local leaders recognize the value of providing residents with access to PACE financing. Councilmember Amanda Cortez expressed her enthusiasm, stating, "I'm truly excited to see the Town of Loomis offering the PACE program to our community, empowering homeowners with new opportunities to invest in energy efficiency and a more sustainable future."
A Public-Benefit Model with Strong Oversight
In California, PACE financing is managed by the California Statewide Communities Development Agency (CSCDA), a public benefit entity that allows member governments to adopt its Open PACE Program. This structure ensures that PACE financing remains accessible while prioritizing local control.
Consumer Protections at the Core
Despite prior scrutiny, the PACE program has operated under stringent oversight from the California Department of Financial Protection & Innovation (DFPI) for the last six years, solidifying its reputation as one of the most consumer-friendly options in the home-improvement financing sector nationwide. This regulatory framework safeguards homeowners and instills confidence in the financing options available to them.
Significant Environmental and Economic Contributions
Since its launch, Home Run Financing has achieved remarkable outcomes in terms of environmental impact and job creation. The upgrades financed through the PACE program have led to substantial environmental benefits, including an estimated 261,300 metric tons reduction in greenhouse gas emissions. This impact is comparable to removing nearly 60,950 vehicles from the streets for one year or supplying energy for over 35,000 homes for the same duration.
Moreover, these projects have saved approximately 301 million gallons of water, equivalent to filling 14,600 backyard swimming pools or avoiding nearly 11.9 million five-minute showers. The jobs created through HRF's initiatives support a robust network of over 2,000 contractors throughout California, contributing to the local economy.
Bob Giles, CEO of Home Run Financing, emphasized the program's effectiveness, stating, "PACE has proven itself as one of California's most effective tools for empowering homeowners and reinforcing community strength while accelerating our transition to a cleaner future. The renewed demand from cities and counties reveals just how essential this program has become. PACE is growing in strength within California."
The Future of PACE Financing
In light of escalating climate change challenges, PACE stands out as a vital financing tool that allows California homeowners and local governments to make necessary improvements in infrastructure. Giles stated, "PACE is working exactly as intended. It’s helping families afford upgrades that make their homes safer, greener, and more efficient while supporting local job growth and allowing communities to select the solutions that meet their needs. This success is why PACE continues to thrive across California."
For inquiries, please contact Severn Williams, Public Good PR, at 510-336-9566.
Frequently Asked Questions
What is Home Run Financing?
Home Run Financing is a leading provider of Property Assessed Clean Energy (PACE) financing in California, helping homeowners improve their properties with energy-efficient upgrades.
How has HRF impacted the environment?
HRF's financing has contributed to significant greenhouse gas reductions and water savings, promoting sustainable practices among homeowners across California.
What improvements can homeowners finance through PACE?
Homeowners can finance various upgrades through PACE, including roofing, HVAC systems, solar installations, and water efficiency projects.
What is the regulatory oversight of PACE financing?
PACE financing in California operates under the strict oversight of the California Department of Financial Protection & Innovation, ensuring strong consumer protections.
How many jurisdictions does HRF operate in?
Home Run Financing operates in more than 360 jurisdictions across California, reflecting its broad reach and commitment to empowering communities.
