Clean-energy lender Renovate America tops $1 billion in loans

By Ivan Penn, The Los Angeles Times

A leading clean-energy lender has topped $1 billion in loans for home improvements — a milestone for the San Diego company as well as a once-foundering government program to encourage projects that reduce electricity or water use.

Renovate America got into the business in 2011 as the Property Assessed Clean Energy financing program, or PACE, was struggling to overcome opposition from mortgage lenders and federal housing regulators that had stalled the clean-energy lending effort. Since then, the lender has provided money to 44,000 households for efficiency projects in partnership with local governments using the Pace program. That represents not only a fast-growing source of revenue for Renovate America but also a gauge of the improving health of PACE programs.

PaceNow, a nonprofit organization that tracks use of the Pace programs nationwide, lists Renovate America as the top operation of lender among more than 100 members. Renovate America is the only one to reach $1 billion in financing, with more than 90% market share of all Pace programs, which operate in conjunction with local governments in 32 states and the District of Columbia.

Read full article in the Los Angeles Times

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