PACE Alive and Well // Part 5: What Contractors Should Know to Participate in PACE
This is the fifth and last part in a series that describes how PACE financing is revolutionizing the home performance contracting industry.
Participating in PACE as a registered contractor carries with it a strong potential for growth, and calls for a high degree of responsibility. Representatives need to understand the ins and outs of the financing model so that they represent the options accurately to their customers. And contractors who participate in HERO’s PACE program must meet HERO’s high standards. It’s important for contractors to understand the consumer protections in place for HERO homeowners. For example, unlike other forms of financing, homeowners have the final say that the job is completed to their satisfaction before HERO releases funds to the contractor.
In return, contractors benefit from being associated with a reputable program—one that has a track record of success. And HERO provides contractors with access to leading technologies, marketing resources, dedicated account representatives, and several other programs to help them succeed and grow their business. Three examples are HERO Pro, HERO Direct Pay, and HERO Project Advance.
HERO Pro is a secure online portal for contractors that makes the presentation, estimating, approval, documentation, and funding process as straightforward as possible. Contractors can use this tool to help homeowners get approved and find out how much financing they qualify for— quickly, during the first in-home visit. HERO Direct Pay allows contractors to take on new jobs without having to spend cash out of pocket or tie up credit on job materials. With HERO Direct Pay, distributors ship materials with no up-front payment. When the project is complete, HERO pays the contractor and the distributor directly. Contractors with limited working capital also benefit from HERO Project Advance. Qualifying contractors can automatically receive an up-front advance of 30% of the HERO project amount. When the project is completed, the contractor receives the remaining 70%, less applicable interest.
Contractors who participate in the HERO program should prepare for a flood of inquiries from potential customers. When the program takes off, it can do so quickly and open up new demand. Some people who have not qualified for financing in the past but are on a contractor’s list of interested customers may now qualify for HERO financing. Contractors may want to contact these customers first.
The process of becoming a partner with HERO is straightforward. The result is a powerful tool contractors can use to attract customers, to offer them a favorable means of financing their project, and to expand the contractor’s own business.
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