Renew Financial was founded in 2008 by Cisco DeVries, who brought together a multidisciplinary team of experts in finance, technology, operations, and government policy to innovate the Property Assessed Clean Energy (PACE) financing model.
Renew Financial specializes in affordable financing for renewable energy and energy efficiency projects, and we are developing an array of financing products that will help move America toward a clean energy model.
PACE Financing Pioneers
Renew Financial created PACE, which Scientific American hailed as an “idea that will change the world.” PACE offers unique benefits to homeowners, contractors, and governments:
- Homeowners get low-cost, upfront funding for important energy efficiency, renewable energy, and water efficiency improvements that they can easily repay on their property taxes.
- Participating contractors gain access to a sophisticated technology platform that works seamlessly with their existing sales process to provide secured and unsecured financing solutions to property owners.
- Local governments can offer affordable financing to allow property owners to dramatically reduce energy and water use — and help governments create local jobs and achieve climate action goals.
Renew Financial administers CaliforniaFIRST, the nation’s largest PACE program, which provides affordable financing for home upgrades to more than 27 million Californians. CaliforniaFIRST has funded millions of dollars worth of projects throughout the state and is seen as a model program for other states that are implementing PACE programs with our assistance.
WHEEL and ReHome loan products
In 2014, Renew Financial collaborated with the Pennsylvania Treasury, the National Association of State Energy Officials, Energy Policy Consortium, and Citi to launch WHEEL (the Warehouse for Energy Efficiency Loans). WHEEL is a multi-state financing partnership that enables participating states to access capital markets financing for their residential loan programs. These ReHome loan programs provide homeowners with affordable unsecured loans for energy efficiency, renewable energy, and water efficiency.