Renovate America is a San Diego-based provider of tech-enabled financing for home improvements and commercial retrofits. Its flagship product, HERO, is a Property Assessed Clean Energy (PACE) financing program that lets homeowners pay for improvements over time via a voluntary additional line item on their property taxes. Since launching over 5½ years ago, HERO has been used to make energy and efficiency improvements across more than 100,000 homes in California and Missouri and recently became available in Florida, where it can finance hurricane-protection improvements such as impact-resistant windows. The company also offers Benji, an unsecured lending product for home improvements. Renovate America closed a $40m multi-year credit facility provided by ING Capital LLC to bolster liquidity, diversify its funding profile and support continued HERO expansion. The company intends to use the funds to expand HERO and strengthen its financial position. Renovate America administers the HERO PACE program, which finances residential solar PV and energy-efficiency improvements through special liens on property rather than on individuals. The company has expanded HERO across California and into Missouri and Florida and says the program has served more than 100,000 homes in California and Missouri. It recently announced availability to an additional 129,000 homes in Missouri. PACE historically filled a financing gap for residential solar before retail banks developed more loan products, though PACE remains unavailable in all 50 states. Renovate America is using new funding to further expand the HERO program. The company provided limited detail on specific uses of the funding but said the facility would bolster liquidity and diversify its funding profile. Renovate America provides financing for residential property-assessed clean energy loan programs through its HERO program and also offers consumer loan products for home improvements. The company is headquartered in San Diego and announced a $100 million credit facility with Credit Suisse. That facility will enable Renovate America to expand Benji, its unsecured consumer home-improvement loan product. Benji is marketed to “well-qualified” borrowers seeking to finance home improvements. Renovate America’s HERO program has financed more than $2.1 billion of home improvements through partnerships with local governments. The company is using debt financing to grow its consumer-facing product line while maintaining its municipal partnership lending business. Renovate America provides PACE (Property Assessed Clean Energy) financing to homeowners through its HERO (Home Energy Renovation Opportunity) program, partnering with local governments and businesses. The company offers a suite of software products and training services that assist local contractors, including workforce training, business automation tools, and consumer protection services. HERO finances a wide variety of DOE- and EPA-approved products, including solar power, energy-efficient HVAC, windows, roofing, water capture systems, and artificial turf. HERO financing requires home equity, offers no money down, and provides fixed interest rates for up to 20 years. Renovate America says it will use the new funds to expand its geographic presence. Since 2011 the program has helped more than 38,000 homeowners in 347 cities and counties, including Los Angeles, San Francisco, San Diego, San Jose, Fresno and others. Renovate America provides the HERO Financing Program through partnerships with local municipalities to offer residential PACE financing. Property owners use the program to finance solar, energy-efficient HVAC, windows, roofing, and water-saving products such as artificial turf. The company supplies funding, administration, technology, training, customer support and a full-service call center that assists contractors and property owners with the application and approval process. Renovate America has financed over $250 million in HERO residential energy-efficient improvement projects to date. The HERO program has been adopted by more than 165 California cities, including San Diego, San Jose, Riverside, Anaheim, Fresno and San Bernardino. The business is led by CEO JP McNeill and Executive VP Scott McKinlay.

Total raised

$480M

Funding rounds

5

Latest round

Debt Financing

Latest activity

Aug 2017