The City of Alhambra, in Los Angeles County, has voted unanimously to approve the Property Assessed Clean Energy (PACE) home improvement financing option, available through the California-based company Home Run Financing. This innovative financing mechanism helps communities upgrade their housing stock to be more energy and water efficient and more resilient in the face of earthquakes and wildfires, while also creating good jobs in the clean energy sector.
Also Read: Arsenal Acquires ATP Group from Bregal Unternehmerkapital
PACE enables homeowners to make renewable energy, energy and water efficiency, and earthquake and wildfire related upgrades to their home, then pay over time through their property taxes. Because of this payment mechanism, PACE providers must be approved by each city and county.
“With rising property prices and energy costs, on top of the ongoing drought and the increasing threat of wildfires, PACE is even more relevant in California today than it was when it was introduced a decade ago,” added Giles.
Alhambra joins nearby Arcadia, Covina and Montebello, all of which approved PACE in 2021. Residents of several other cities in Los Angeles County also have access to Home Run PACE financing. The full list of those cities now includes Agoura Hills, Alhambra, Arcadia, Azusa, Baldwin Park, Claremont, Commerce, Covina, Cudahy, Duarte, El Monte, Gardena, Glendale, Glendora, Inglewood, La Verne, Lancaster, Long Beach, City of Los Angeles, Lynwood, Montebello, Monterey Park, Norwalk, Palmdale, Redondo Beach, Santa Fe Springs, Santa Monica, Torrance, Walnut, West Covina and West Hollywood.
“We have been working in partnership with local city and county governments across California to make this innovative financing option available to more homeowners, including those who need to make critical wildfire and earthquake safety improvements to their property,” explained Robert Giles, CEO of Home Run Financing. “I’m proud to be a part of this effort, which also includes reducing carbon emissions to protect our climate.”
The PACE financing model has evolved significantly over the last decade in California. It now provides the strongest consumer protections of any home improvement financing product.