The HERO program provides low-interest advances to residential homeowners for solar panel installations. Homeowners 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.
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
The HERO 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.
Homeowners may repay HERO advances through a property tax bill assessment over a span of 5 to 20 years. The length of time the advance can be repaid depends on the useful life of the products and other factors.
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)