Statement from Renovate America CEO J.P. McNeill on anti-PACE legislation introduced in Congress
"Renovate America is committed to strong consumer protections and disclosures for PACE financing. However, legislation introduced in Congress this week (4/6) is not intended to protect consumers but to kill residential PACE. This legislation would destroy jobs and small businesses, result in higher utility bills for families, and prevent Americans from investing in their homes. There is a better way forward: Congress can and should come up with legislation that codifies robust national consumer protections while recognizing the innovation in financing that PACE represents. With such a new federal framework, homeowners will have both strong protections and more options to afford home improvements than traditional financing now offers, and state and local governments can continue to leverage PACE to meet important public policy objectives and boost local employment at no cost to public budgets."
About Renovate America
Renovate America offers a tech-enabled financing platform for home improvement and commercial retrofits that empowers communities to modernize and make their housing stock more efficient, while giving small businesses the tools they need to grow. In addition to financing home improvements through an unsecured lending product, Benji, Renovate America offers communities the HERO Program. HERO is the leading residential Property Assessed Clean Energy (PACE) program in the U.S. and has financed more than $2.25 billion of home improvements in partnership with local governments. It is estimated that HERO is on track to save nearly $3.7 billion in energy and water bills, and has created over 19,000 local jobs that cannot be offshored or automated. Renovate America has built the world's largest green bond platform, with a volume of originations that enables securitization of HERO PACE bonds multiple times a year, attracting international investment to meet U.S. clean-energy objectives.