Property owners in many Western Riverside County communities may benefit from a unique solar energy financing program serving just their region. The Riverside HERO (short for the Home Energy Renovation Opportunity) program is a property tax credit contained in California Assembly Bill AB811.
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
What is HERO?
The Riverside HERO Program is provided through a partnership between the Western Riverside Council of Governments (WRCOG) and Renovate America, Inc. The program provides low-interest rate financing to create jobs and reduce utility costs while stimulating the local economy and reducing greenhouse gas emissions.
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 five to 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 quality 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 for 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% of the property’s market value
- Mortgage-related debt on the property may not exceed 90% 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)
Learn More About Riverside HERO Program
At Sullivan Solar Power, our experienced sales team knows the details of the Riverside HERO low-interest advance program. We can determine whether your property is eligible and walk you through the process of applying for and receiving the funding to help pay for your own solar energy installation. Call today for a free, no-obligation HERO program consultation.