Cape Coral Leads Florida Recovery Efforts with Swift Action on Behalf of Homeowners Following Hurricane Irma
Earlier this week, the Cape Coral City Council approved a robust hurricane response package for residents, including access to an innovative form of financing called HERO. HERO Property Assessed Clean Energy (PACE) financing empowers homeowners to make energy efficient, renewable energy, and hurricane-resiliency improvements and pay for the upgrades over time through a voluntary assessment on their property tax bill.
HERO, a public-private partnership between the Florida Development Finance Corporation (FDFC) and Renovate America, is the nation’s largest PACE financing option. Through its adoption of HERO, Cape Coral has joined in FDFC’s mission to bring the most comprehensive consumer safeguards and lowest interest rates in the PACE industry to their community, to make Florida more energy efficient and hurricane-resistant. To date, 68 Florida communities across the state have enabled HERO financing, and it is currently available to over 1.75 million households – nearly a quarter of the state.
Eligible improvements include storm shutters, roofing and windows, roof-to-wall connections and other products that can protect against wind damage and may lower insurance premiums. HERO also can finance residential energy and efficiency upgrades like rooftop solar and high-efficiency HVAC, which may lower utility bills and make homes more comfortable. HERO also uses a data-driven contractor quality rating system that tracks customer satisfaction and removes contractors that do not maintain good or excellent ratings.