L.A. County Launches Residential PACE Program
The City of Manhattan Beach approved Resolution 6256 on June 15, 2010 authorizing participation in the County’s Property Assessed Clean Energy (PACE) program. Los Angeles County's Commercial PACE Program has been in operation since 2012 and began initiating loans for commercial properties in 2013.
On March 3, 2015, the Los Angeles County Board of Supervisors authorized the implementation of their Residential PACE Program. The County will work with Renovate America and Renewable Funding as administrators of the program to offer PACE financing through both LA County HERO and CaliforniaFIRST to its residents. The HERO program launched for LA County residents on May 28, 2015.
PACE is a financing program sponsored by Los Angeles County for homeowners who want to install energy efficiency, renewable energy and water-saving improvements to their properties. PACE financing enhances home values, lowers homeowners’ energy bills, reduces greenhouse gas emissions and creates green jobs stimulating the economy. PACE allows LA County to issue a bond to a lender, which secures funding for the installation of energy projects that are permanently fixed to the property. Homeowners then repay financing annually through an assessment on their property tax bill.
Why should I participate in Los Angeles County’s ( “LA County”) Residential Property Assessed Clean Energy (PACE) Program?
- Stricter underwriting criteria
- Better consumer protections
- Additional foreclosure support
- Lower interest rates and fees
- Access to LA County HERO and CaliforniaFIRST
More information and a list of FAQs is available on the County’s PACE website: www.lapace.org.
The HERO Program
Through partnership with Manhattan Beach, HERO is available to you as an affordable way to make energy efficient, water efficient, and renewable energy upgrades to your home. Use HERO to finance renovation projects that can increase your property value, lower your monthly utility bills, and contribute to making your community more energy independent.
Details on the HERO program are available here: www.heroprogram.com/manhattanbeach.