Home Run Financing
Financing Programs for Homes & Businesses
Home Run Financing is a financing mechanism that offers a way for residential and commercial property owners to receive upfront funding for energy and water efficiency, renewable energy system installations, seismic retrofits, and electric vehicle charging stations improvements for their home or business - and to repay on their property tax bill over the course of up to 20 years and allows property owners to save time and money. Please visit their website here.
Home Run Financing: Simple Idea, Valuable Results
Traditional financing models for energy and water efficiency projects are often limited by high up-front costs, short repayment periods, strict credit requirements, high or variable interest rates, and limited availability. Alternatively, Home Run Financing employs a unique financing model of special property assessments that are paid over time (up to 30 years), accounting for the savings accrued from improved building efficiency or energy generation.
Residential and commercial property owners throughout the United States currently use Home Run Financing to pay for 100% of their projects' costs, while making their buildings more valuable. Financeable projects include:
- Energy Storage
- Lighting Improvements
- New Heating and Cooling Systems
- Seismic Retrofits for Almost Any Qualified Residential or Commercial Property
- Solar Panels
- Water Pumps
These improvements also help to reduce greenhouse gas emissions in the community and achieve the goals outlined in the Citywide Climate Action Plan.
How Home Run Financing Works
The Home Run Financing process hinges on creating assessments that are tied directly to a property, and repaid via the property owner's tax bill. Home Run Financing pays for 100% of a project's upfront costs, and makes longer payback projects immediately cash flow positive. Almost any residential or commercial building is eligible for Home Run Financing financing, including single-family residences, multi-family residential buildings, offices, hotels, and retail, agricultural, and industrial structures.
- Select Preferred Home Run Financing Provider: Home Run Financing financing is delivered through local contractors that are trained and certified by the Home Run Financing provider. If you have a preferred contractor, they can be certified to work on Home Run Financing financing projects. Home Run Financing providers generally offer similar upgrades but may differ in terms of their eligible properties, requirements, and loan terms. Please select your preferred Home Run Financing provider by clicking on one of the links below under "Home Run Financing Programs".
- Develop Project: Work with your selected contractor to identify the upgrade measures to be implemented. All measures must be approved by the Home Run Financing provider. Most Home Run Financing providers are able to provide same-day approval.
- Complete Project: Once approved, the Home Run Financing contractor will implement the upgrade measures. After you have signed a Certificate of Satisfaction, the contractor will receive payment from the Home Run Financing provider.
- Enjoy Savings and Increased Property Value while Making Home Run Financing Payments: After your project is complete, the Home Run Financing provider arranges financing for the project by adding an assessment to the property, which is payable in semi-annual installments on the property's tax bills. A lien is filed against the property as security until the assessment is repaid. The assessment is tied to the property (not to an individual), staying with it should the property be transferred or sold before being repaid.
Home Run Financing Programs
Beginning in 2014, the City adopted resolutions, allowing Home Run Financing programs to operate in Concord through Joint Power Authority (JPA) agreements. The City has approved the following JPAs: California Enterprise Development Authority (CEDA), California Statewide Community Development Authority (CSCDA), Golden State Finance Authority (GSFA), and Western Riverside Council of Governments (WRCOG).
The following Home Run Financing programs are authorized to operate in Concord:
- AllianceNRG (CSCDA - Open PACE)
- CaliforniaFirst (CSCDA - Open PACE)
- Clean Fund (CSCDA - Open PACE)
- CounterPointe (CSCDA - Open PACE)
- Dividend Finance (Formerly Figtree) (CEDA)
- The HERO Program (WRCOG)
- Pace Funding (CSCDA - Open PACE)
- Spruce (CSCDA - Open PACE)
- YGrene Energy Fund (GSFA)
Following is a summary of past success of individual Home Run Financing programs:
|Program||2014||2015 Residential||2015 Commercial||2016 Residential||2016 Commercial||2017 Residential||2017 Commercial||Total|
|Home Run Financing Funding||N/A||N/A||N/A||N/A||N/A||1||N/A||1|
Please visit Home Run Financing provider websites to find out more information about the types of projects they finance, financing structure, and contractors.