Renew Financial's Residential PACE Program in Florida Surpasses $430 Million in Resiliency and Energy Efficiency Investments

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Oct 25, 2022, 11:30 ET

Renew Financial is now available in six new Florida communities, as its statewide footprint continues to grow.

MIAMI, Oct. 25, 2022 /PRNewswire/ -- Renew Financial, the nation's most experienced provider of residential Property Assessed Clean Energy (R-PACE) financing, announced today that its R-PACE financing program has funded storm hardening, home resiliency, and energy efficiency projects in Florida totaling over $430 million to date. More than half of these investments were dedicated toward storm hardening projects, including storm shutters, impact windows and doors, and wind-resistant roofing.

Additionally, Renew Financial continues to grow its footprint and has been approved to offer the R-PACE financing option in six new Florida communities this year including: City of Belle Isle in Orange County; Miami Shores Village, Village of Palmetto Bay, and Town of Miami Lakes in Miami-Dade County; Okeechobee County; and most recently Suwannee County – making Renew Financial's R-PACE program available to homeowners in 156 communities across the state.

"Each day, more and more Floridian homeowners are investing in vital improvements to make their homes safer, stronger, and more energy efficient with Renew Financial's R-PACE program," said Renew Financial CEO Mark Floyd. "We're thrilled with the momentum we are building across the state and remain committed to our mission of helping homeowners from all walks of life access affordable financing for improvements to better protect their homes from natural disasters and create more resilient and energy efficient neighborhoods."

The R-PACE model was designed to enable homeowners to access low-cost, upfront financing for critical storm hardening, energy efficiency, and renewable energy improvements. The financed amount is added and paid through the homeowner's property tax bill. Qualifying for R-PACE is primarily based on the property's available equity and the homeowner's ability to pay back the financing– not an applicant's credit score – which helps to make financing eligible improvements within reach of more homeowners compared to traditional financing options.

R-PACE is also a powerful resource that enables state and local governments to meet important sustainability goals due to the program's ability to help local governments advance key policy priorities, such as natural disaster preparation, reduced carbon emissions, higher energy savings, and water conservation.

"As Renew Financial continues to expand our footprint in the Sunshine State, we stand ready to support families safeguarding their homes, and communities building a more sustainable tomorrow," Floyd said.

Over the past decade, the Residential PACE industry has grown with an economic impact of over $15 billion nationwide and has generated thousands of jobs in local communities. Renew Financial offers homeowners safe, affordable financing with consumer protections that go above and beyond what traditional home improvement financing alternatives commonly provide, including equitable eligibility criteria, clear disclosures, a confirmation of terms phone call from a real person to each homeowner, and contractor screenings.

To find out if R-PACE from Renew Financial is available in your area, visit renewfinancial.com.

About Renew Financial

Renew Financial Group LLC (Renew Financial) is one of the nation's leading financing providers for sustainable building improvement projects with a bold vision to create financial access to a safe, healthy, and sustainable world. Renew Financial administers the Residential Property Assessed Clean Energy (R-PACE) program in California and Florida to strengthen communities by making homes and businesses safer, more energy-efficient, and more valuable. Nationwide, Renew Financial has funded more than $1.1B in PACE projects that have led to greenhouse gas reductions (GHGs) of nearly 1.5 million metric tons, equivalent to removing over 300,000 cars from the road, contributed to the creation of over 15,000 local jobs, and savings of over 2 billion gallons of water. Renew Financial is a trademark of Renew Financial Holdings, Inc.

Learn more at renewfinancial.com and on LinkedIn, Twitter, and Facebook.

SOURCE Renew Financial Group LLC