Home Energy Renovation Opportunity (HERO)
The HERO program provides low-interest advances to residential and commercial property owners for solar power installations. Property owners are allowed to make payments through assessments on their property tax bills over 20 years. Even property owners with minimal credit can be approved for funding under the HERO solar energy program.
HERO Program Features
- Key features of the HERO solar energy program include:
- No credit score requirements
- Interest is tax deductible
- Fixed, low payments
- More than 150,000 eligible solar power products
- Payments paid with property taxes
- Upon sale of a property, the outstanding balance transfers to the new property owner
Generally, permanently affixed energy efficiency, water efficiency, and renewable energy products are eligible for HERO credits. Property owners may repay HERO advances through a property tax bill assessment over a span of 5-20 years. The length of time the advance can be repaid depends on the useful life of the products and other factors.
Who is Eligible for HERO?
Homeowners who meet minimum criteria are eligible for HERO Financing. In order to qualify for HERO, the following requirements must be met:
- The credit recipient must be the property owner(s) of record
- Current on their property taxes for the prior year
- Property owner(s) must certify that the property taxes on this property have not been paid late more than once during the prior three years or since purchase if owned for less than three years
- No late payments on property debt for the past twelve months through funding
- No liens on the property
- No bankruptcy in the past seven years and property is not currently an asset in a bankruptcy proceeding
- Eligible Product costs cannot exceed 10 percent of the property’s market value
- Mortgage-related debt on the property may not exceed 90 percent of the property’s value
- Manufactured and mobile homes must be attached to the property, own the underlying land, and pay real property taxes (not DMV fees)