Los Angeles County and Renew Financial Holdings have agreed to pay homeowners millions over Property Assessed Clean Energy (PACE) loans, which were meant to help homeowners finance the installation of clean energy products like solar panels, but resulted in hundreds of Angelenos facing unaffordable payments and property liens.
Zenia Ocana and Juan Ocana Lau, LA homeowners, were harmed by a lack of consumer protections and continue to struggle with their PACE loan.
Twin lawsuits, filed in 2018, alleged Renew and Renovate America harmed homeowners whom they should have known could not afford the payments. They similarly alleged the county put inadequate safeguards in place to protect homeowners.
Under the settlement, anyone who entered into a Renovate or Renew PACE loan in Los Angeles County between March 1, 2015 and March 31, 2018 qualifies if a lien was recorded against their property.
The amount each homeowner will receive will vary based on their financial circumstances, their age, whether they received documents in English when the loans were negotiated in another language, and the number of people who file a claim.
The case is Ocana, et al. v. Renew Financial Holdings, Inc., et al. It was consolidated with Nemore, et al. v. Renovate America Inc. The plaintiffs were represented by Public Counsel, Bet Tzedek and Hogan Lovells.
Anyone who believes they may qualify should sign up to get informed when the official settlement claim form is ready HERE.
To read our full press release, click HERE.
