Two Key HERO Financing Requirements—and Why It Pays to Know Them

I’ve always been kind of hesitant about financing offers that seem just a little too good to be true. You know the type: Nothing upfront, just enter your credit card number for a free trial. Then, when you forget to unsubscribe, you’re hit with a monthly fee—and usually a contract to boot. It pays, literally, to be a skeptic when it comes to spending your hard-earned cash.

I suppose this is why in my line of work as a residential furnace expert I hear so many Sacramento homeowners skeptically asking questions about the HERO financing requirements. They’ve usually heard great things about the program, and how it has the potential to really help them out when it comes to saving money on upgrades to their home’s heating and cooling systems. But, they’re pretty quick to be skeptical about whether or not they’ll qualify—or if there’s a hidden catch.

Well, the good news is that HERO financing is one of those too-good-to-be-true offers that’s actually, well, true! There are only two significant HERO financing requirements to be able to qualify for the program. Today, I’m going to explain each of those requirements, as well as why HERO has the potential to benefit you, your family, and your home. Especially with a SMUD rate increase on the horizon soon, I think we could all use some help lowering our utility costs. And besides, who doesn’t love the idea of saving lots of green, as in your money and the planet, at the same time.

HERO Financing Requirements: Two Things Homeowners Must Know

I’ve talked quite a bit in the past about whether or not HERO financing is a good deal, as well as the pros and cons of the HERO program. As a result, I’ve received a good deal of questions from homeowners about what the HERO financing requirements are. If you’re one of the folks who has questions about receiving financing from the HERO program, the first thing I want you to do is go ahead and let out a big sigh of relief. In general, most homeowners I know qualify for these requirements.

Here are the two key HERO financing requirements that homeowners need to know and understand:

• You must live in an eligible community: Where you live plays a big part in whether or not you qualify for HERO financing. HERO is currently only available in two states: California and Missouri. Sacramento, the largest city in our coverage area, was actually one of 16 cities and 5 counties across our state that adopted HERO last year, bringing the total number of Californians who can apply for the program up to a whopping 85%. Simply put, most (if not all) of the homeowners in our area live in eligible communities. An experienced HERO contractor can verify this for you, though.
• You must have mortgage-related debt less than 90% of your property’s value: This requirement is as straightforward as it sounds. If you have mortgage-related debt that exceeds 90% of your property’s market value, you’re probably not eligible for the HERO program, although experienced HERO financing contractors will be able to tell you for certain if you can currently apply or not.

How HERO Financing Can Save You Money

Now that you know how to tell if you meet the HERO financing requirements, I’d like to talk about why you should consider applying to work with the program. Simply put, participating in the HERO financing program, once you have met the requirements, can save you money in the long-term by reducing the amount you spend monthly on your utility bills.

The HERO financing program offers loans for affordable, whole-home, energy efficient appliance upgrades, covering replacements and installations for:

1. HVAC systems and furnaces
2. AC units
3. Windows and doors
4. Plumbing and sewer
5. Water heating appliances
6. Solar panels
7. Drought-resistant landscaping
8. Roofing

By investing in energy-efficient home appliances like upgraded HVAC systems and AC units, smart thermostats, windows and doors that don’t let air easily pass through them, you’re creating a home that will seal healthy, conditioned air inside. Your HVAC system will be able to run less frequently, ultimately using less energy to keep your home comfortable, and—ding ding ding—lowering your utility bills, sometimes quite significantly.

There are many options for getting help to pay for the upfront costs of energy-efficient home upgrades, including PACE, CaliforniaFIRST, SMUD, and Ygrene.

HERO isn’t the only financing program available to homeowners in Northern California, though. There are many options for getting help to pay for the upfront costs of energy-efficient home upgrades, including PACE, CaliforniaFIRST, SMUD, and Ygrene. This wide variety of options is why I firmly believe it is in every homeowner’s best interest to work with a contractor who has experience getting their clients financing assistance in order to make sure you finance your home upgrades through the program that best suits you.

Here at Bell Brothers, we have a great deal of experience helping folks take advantage of HERO financing, as well as all of the other programs available in our area. And we can help you too. Our experienced technicians will also make sure that you not only get help with financing your new energy-efficient appliances, but that they’re also installed correctly so you can start saving money ASAP.

I know how easy it is to be skeptical about offers that seem too good to be true. Heck, I’m right there with you. Take it from me, though, the HERO financing program really is worthwhile. I can even show you the reduced heating and cooling bills to prove it!

Contact the HVAC professionals at Bell Brothers to schedule a whole-house assessment for energy efficiency, as well as to get more information about financing your recommended home upgrades. We are sure we can increase your year-round comfort—and decrease your power bills.

Image courtesy Wayhome Studio