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HERO Program in CA for Homeowners. Is it a Scam?
Here is yet another follow up to my video regarding the HERO Program. This program is designed for individuals with low Credit Scores, to help them obtain Solar and Energy Efficient upgrades. I'm posting this video due to the comments, calls, and emails I've received from the two previous videos.
If you're a homeowner thinking of using the HERO Program, I advise you to read the fine print. Look at the interest rate, and consider a few things: When you go to sell your property make sure you have enough equity to pay off the HERO loan. This has become a big concern to buyers in Temecula and Southern California. Look at the Subordination Clause for this special assessment and lien on your property. The HERO Program now has a "Subordination Request" form that you as the homeowner will have to pay $350 to request subordination of the lien. This is another cost to the homeowner and a concern to homebuyers. Consider the Return on Investment. I know, there is no return on investment by paying high Electric bills, but honestly how long do you expect to live in the home and what will you save at the end of the day. Effect on the environment. Using Solar does save our environment, so if this is your reason to switch to Solar, then go for it. With all of this being said, in the beginning, salespeople were pushing the HERO program to homeowners stating it's a FREE program to help upgrade your home and get Solar. This is not a FREE Program, as the interest rates are higher than the norm, and there are fees to obtain the loan. So don't be fooled by shady salespeople. After all is said and done, the HERO Program has a place and it's for those wishing to stay in their home till the loan is paid in full, and enjoy the rewards of energy efficiency. This program is for people with LOW CREDIT. Just like purchasing anything, if you have low credit you will pay for it somehow. Thanks for your input, subscriptions, emails, and calls. Troy Sage