Renew Financial expands residential PACE financing to three more Los Angeles County cities

Renew Financial now offers residential PACE financing in Burbank, Artesia and Lakewood, bringing its Los Angeles County footprint to 42 municipalities. The expansion gives eligible homeowners another way to pay for energy-efficiency, water-conservation and resiliency upgrades.

Why it matters: - The expansion increases access to home-improvement financing for eligible homeowners in three more Los Angeles County cities. - Renew Financial’s residential PACE program can help fund efficiency, water-saving and resiliency upgrades that may lower utility use and improve home durability. - The program’s reach now spans 42 Los Angeles County municipalities and 370 jurisdictions statewide.

What happened: - Renew Financial announced that residential PACE financing is now available in Burbank, Artesia and Lakewood. - The Burbank City Council approved participation on Aug. 25, after Artesia and Lakewood approved participation earlier in the summer. - The company said eligible homeowners in the three cities can now access the program.

The details: - Eligible projects include roofing, heating and air conditioning systems, solar panels, energy storage, windows and doors, and water-conservation upgrades. - Repayment happens over time through a voluntary assessment on the homeowner’s property tax bill. - PACE eligibility depends on property equity, mortgage and property tax payment history, and the homeowner’s ability to repay. - A credit review is required, but a credit score is not used to determine qualification. - The program includes ability-to-repay underwriting, disclosures and contractor requirements. - Homeowners can check property address eligibility without a credit check at More information.

Between the lines: - Renew Financial is using city-by-city adoption to widen its residential footprint in California. - The company’s pitch centers on practical household upgrades rather than traditional unsecured consumer lending. - Renew Financial says its California program has funded more than $1 billion in efficiency, energy and resiliency projects across participating communities. - The company estimates those projects have saved more than 2.7 billion gallons of water and 1.2 billion kWh of electricity and supported about 13,000 local jobs. - Renew Financial also says it has funded more than $2.2 billion in PACE projects overall, with more than 2 million metric tons of greenhouse gas reductions, more than 469,000 cars removed from the road, more than 32,000 local jobs created and more than 2.8 billion gallons of water saved.

What’s next: - Eligible homeowners in Burbank, Artesia and Lakewood can now verify address eligibility and apply through the program. - Renew Financial is likely to keep expanding through additional local approvals as more California jurisdictions opt in. - Financing remains subject to approval, underwriting requirements and local program availability.