San Diego-based Renovate America, a provider of financing for residential property-assessed clean energy programs, announced Tuesday that it has closed a $200 million credit facility with Bank of America.
Renovate said the facility will enhance the company's liquidity and "further diversify" its funding profile. The company now has five warehouse lenders, up from three in 2016.
The company's financing program, called HERO, has been used in 90,000 homes to finance energy and efficiency improvements since it launched about five years ago, Renovate said.
Homeowners who use the program pay for the upgrades over time as part of their property taxes. The assessment may remain with the property if a homeowner sells it.