OAKLAND, Calif., April 6, 2017 /PRNewswire/ -- Renew Financial CEO Cisco DeVries today issued the following statement in opposition to the Protecting Americans from Credit Entanglements Act or PACE Act introduced by Senator Tom Cotton (R-AR) and companion legislation sponsored by U.S. Representatives Brad Sherman (D-CA) and Ed Royce (R-CA).
"Property Assessed Clean Energy (PACE) creates enormous benefits for American families and workers – without spending a dime of taxpayer money. More than 40,000 Americans have steady and well-paying work because of the increased demand for home upgrades made possible by PACE financing. These jobs can never be outsourced overseas. Because of PACE, 140,000 homeowners and business owners save money on their utility bills, reduce energy and water waste and live more comfortably in their homes. Legislative efforts recently introduced in Congress to damage this job-creating industry are extremely misguided and if passed as written would lead to job losses and reduced economic activity.
Renew Financial has been a national leader in developing, implementing, and supporting the strongest possible consumer protections for PACE. Last year in California (where 95% of all PACE takes place), we successfully worked with Mortgage Bankers and Realtors to pass a bipartisan disclosure bill that improves PACE's consumer protections. This year we are working with the California legislature again to establish additional standards.
The real story of PACE is its positive impact on job creation and small businesses in cities and states across the country, energy independence and waste reduction. Renew Financial is dedicated to working with policy makers to strengthen consumer protections and PACE industry standards. But efforts to eliminate this industry would have severely negative consequences in communities across the United States."
About Renew Financial
Renew Financial is one of the nation's leading clean energy financing companies. Founded in 2008 by former White House appointee and U.S. Department of Energy official Cisco DeVries, who originated the concept of Property Assessed Clean Energy (PACE), Renew Financial now provides multiple financing products across the country. PACE enables property owners to finance the entire cost of efficiency, resilience and renewable energy upgrades to their homes and businesses, and then repay those costs on their property tax bill. Named by Scientific American as one of the "top 20 ideas that can change the world," PACE received favorable regulatory guidance from the Federal Housing Administration (FHA) in July 2016. Renew Financial's other financing products include residential unsecured loans (ReHome), utility on-bill financing, and others. Renew Financial partners with Rainforest Trust to preserve endangered rainforests with a donation made for every completed project.
Renew Financial is a pending trademark of Renew Financial Group LLC.
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