Green Home-Renovation Firm Bankrupted by Tougher Rules, Lawsuits
- Critics said the loans tacked on to tax bills were too costly
- Home improvements trimmed energy bills and greenhouse gasses
This article is for subscribers only.
Renovate America Inc., which lends homeowners money to make “green” improvements such as adding solar panels or energy-efficient windows, filed for bankruptcy as litigation and the Covid-19 pandemic eroded revenue.
Renovate’s lending was part of a government-backed program that lets people finance their loans by adding the payments to their property taxes. But consumer advocates and federal regulators have criticized them as expensive and susceptible to abuse. At least 56 legal cases are pending against San Diego-based Renovate, according to a Chapter 11 filing Monday.