HERO is an acronym that stands for: Home Energy Renovation Opportunity and is the #1 energy efficiency financing program in the United States. HERO partners with local governments to make energy efficient, water efficient, and renewable energy products more affordable for homeowners. HERO is unique in that it provides financing for approved energy efficient, water efficient, and renewable energy products. HERO finances 100% of the cost to purchase and install eligible products. HERO offers low-fixed interest rates, flexible payment terms including 5/10/15/20 years for most products, and repayments are made through your property taxes. Additionally, if the property is sold before the HERO Financing is paid in full, the remaining payments can be passed on to a new property owner.
Contractors must be registered with the HERO Program in order to be qualified to install HERO eligible upgrades. To register with the HERO Program contractors must be properly licensed and bonded with the Contractors State License Board.
Property taxes typically stay with the property when it is sold. Under the HERO Program, when you sell or refinance your property, your remaining payments may stay with the property.
Eligibility Criteria for HERO Financing
Homeowners who meet the minimum criteria below are eligible for HERO Financing. Specific eligibility requirements for residential properties include the following:
All mortgage-related debt must not exceed 90% of the value of the property.
Mortgage payments must be current at the time of application, and property owner(s) must not have had more than (1) 30-day mortgage late payment over the past twelve months.
Property taxes for the prior twelve-month period must have been paid on time and no more than one late payment within the past three years.
No outstanding involuntary liens, such as tax liens or mechanic's liens.
The property owner(s) must not have filed for bankruptcy in the past two years. If they have a bankruptcy record between two and seven years old, they the property owner(s) must not have had any additional late payments more than (60) days past due in the last (24) months.
Mobile homes must be permanently attached to the property and the owner of the underlying property must be the applicant and be subject to real property taxes