Renovate America, a provider of Residential Property Assessed Clean Energy financing, said Thursday it finished the fourth securitization of PACE (Property-Assessed Clean Energy) bonds by issuing $159.8 million in notes.
The bonds were rated AA by Kroll.
San Diego-based Renovate said it partners with municipalities to provide financing to property owners for solar power, energy-efficient windows, artificial turf, water-capture systems and other conservation projects. The company provides 100 percent financing for up to 20 years at fixed interest rates. Payments are made alongside property taxes.
Renovate’s offerings, issued through the Home Energy Renovation Opportunity (HERO) program, have been used by 34,000 property owners to make $760 million worth of improvements.
“As the industry leader in property-assessed clean energy programs, we envision the HERO Program becoming a growing trend in communities across the nation,” Renovate CEO J.P. McNeill said.