Many cites across California want you to go  solar!  They’re participating in an exciting government program called Hero.  The Hero program loans money to help people get energy upgrades for their homes.  Things like energy efficient windows, attic insulation, and most of all solar!  A loan through the Hero program might be exactly the kind of financing you’re looking for to help you go solar.

The Hero Program is a government program that has provided millions to help jump start the solar revolution. The Hero Program was established as part of the PACE program in 2008 as part of bill AB11. HERO is the #1 energy efficiency financing program in the United States. HERO partners with local governments to make renewable energy products more affordable for homeowners. Here are some exciting things about Hero loans that make them completely different from traditional loans:

You may be able to deduct the interest on your hero loan payments.
-This feature can make the net cost of a Hero loan very competitive with other types of loans.

Your Credit Score Does not Matter.

-Literally, your credit score is not even used to determine eligibility.

Hero Loans Do not Show up on your Credit Report

-Literally, no where on your credit report will the loan appear or effect your report whatsoever!

 

So how do you get one?

If you want to use hero financing, we can set you up with a specialist from the hero program to walk you through the application process.  The process can usually be done online or over the phone in 20 minutes, and approval comes fast…usually same day, often times in minutes.  There are four important requirements you have to meet to get approved.

1

-You must have 10 % equity in your home.

2-No more than 1 late mortgage payment in the last 12 months.

3-No bankruptcy in the last 24 months.

4-You must have 36 months of clean history on your property tax payments.

How it Works

If you are a home owner you know about property taxes. Many home owners roll these property tax payments into their monthly mortgage payments by using an impound account, this way they don’t have to worry about them as a separate bill. Hero loans are rolled into your property tax bill, so they are paid either monthly or bi annually out of your impound account.  This way they are considered as an “assessment” rather than a traditional loan. They don’t show up on your credit report, effect your score, or require you to meet a certain credit rating. Most importantly, you may be able to deduct the interest portion of your HERO payments, just like your property taxes!

 

Benefits and Bottom Line

Your new hero loan will become part of your monthly mortgage payment, just like property taxes.  Your monthly payment will go up by the amount of the loans monthly payment until it is paid off, either 5, 10, 15, or 20 years, as you decide.   The hero loan payments will show up as a line item on your property tax bill. Here are the benefits to using a Hero Loan:

1With a hero loan, you may be eligible to deduct the interest portion of the cost of your system as a tax deduction! This is in addition to the federal tax credit you get of 30% off the systems price, adding up to huge tax savings!  Ask your tax professional about whether you are eligible for this exciting benefit.

 

2If you can’t get a traditional loan because you have a low credit score, but you are in good standing with your home, Hero opens the door to solar for you.

 

3A hero loan does not appear on, or effect your credit report

 

4Hero gets people approved fast. They verify your identity,  your history with regards to the four requirements, and give you a yes or no on the same day. The Hero Program is a great option that might be exactly what you need to get into Solar.

 

 Click Here to Learn More about the Hero Program

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