Renovate America, a primary lender for the Property Assessed Clean Energy program, filed for bankruptcy on December 22, 2021.
The PACE program was created to allow more homeowners to make green energy improvements to their homes. PACE loans finance the upfront costs of upgrades like solar panel installation and energy-efficient windows. Homeowners repay the loan with a property assessment.
But a slew of lawsuits greatly cost the company. And changes in legislation limited its potential clientele. The COVID-19 pandemic was the final straw, leading the company to file for bankruptcy.
Renovate America entered into a stalking horse agreement with Finance of America Mortgage, LLC, according to Law360. Finance of America Mortgage has offered $5 million for Benji, Renovate America's t...