Financing
What is the HERO Financing Program?
HERO 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.
How is HERO Financing different from other forms of financing?
HERO provides financing for eligible 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 with amortization periods of 5, 10, 15, or 20 years and, unlike other financing options, there are no credit score requirements and repayments are made through your property taxes, with the interest being tax deductible. Additionally, if the property is sold before the HERO assessment is paid in full, the remaining payments can legally be passed on to a new property owner (please see the "Real Estate Transactions" section below for more details).
How is HERO Financing paid through my property taxes?
The repayment of HERO Financing is included in your property tax bill, which is delivered and collected by the County. You will see a line item titled HERO Financing on your property tax bill. If you make property tax payments through an impound escrow account, your lender will adjust your monthly payment to include the amount due for HERO Financing.
What are the 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 must be current and there must be no more than one late payment in the past three years.
No outstanding involuntary liens, such as tax liens or mechanic’s liens.
Property owner(s) must not have had any active bankruptcies within the last seven years, and the Property must not be an asset in an active bankruptcy. However, if a bankruptcy was discharged between two and seven years prior, and the property owner(s) have not had any additional late payments more than 60 days past due in the last 24 months, the property owner may be approved.
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
What interest rates does HERO offer?
The interest rates for HERO Financing vary depending upon the term, with terms ranging from 5 – 20 years. HERO Financing is recorded as an assessment on the property and is paid through a homeowner’s property tax bill. Certain items on your property tax bill may be deductible. You are urged to consult a tax advisor regarding the deductibility of such payments.
