HERO financing coming to Los Angeles County
For the past year, homeowners in San Bernardino and Riverside Counties have been able to use HERO (Home Energy Renovation Opportunity) financing to improve the energy performance of their home. In the next few weeks, Los Angeles County is planning on approving the program so their homeowners can benefit as well.
Most energy upgrades to homes have pretty quick payback times. At up to 30 cents per kilowatt-hour, Southern California has some of the highest electric rates in the nation. And the rates are expected to continue to climb as renewable energy (which can be quite expensive) provides more of our needs.
But that initial investment can be daunting. That’s where HERO financing comes in. The savings are spread out over years, so it makes sense to spread the investment out, too. HERO financing doesn’t require traditional monthly payments; instead, it’s paid back through your property tax bill. That delivers important tax advantages to you, and means that if you sell the home any balance is the obligation of the new home buyer.
HERO should be approved in LA County sometime in May. But if you live in the Inland Empire, you don’t have to wait; you quality today!
For more details on the program visit HERO.