PACE Program: A Quick Guide

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Property Assessed Clean Energy Program Basics

Florida pace program

We’ve provided a lot of information about the PACE program because there’s a lot of to say about it. For simplicity, we put together this quick guide to help our visitors get a better understanding of what PACE is all about.

 

The following is a quick guide about PACE financing:

 

    • PACE is an acronym for Property Assessed Clean Energy
    • PACE provides financing for energy efficiency improvements and upgrades to qualified property owners
    • The PACE program was pioneered in Berkeley, California in 2007 and was called a “world-changing idea” and one of “20 ways to build a cleaner, healthier, smarter world” by Scientific American magazine.
    • One of the main benefits of PACE is to lower energy bills at a property and using the savings to pay back the loan
    • PACE can finance 100% of qualifying improvements with a repayment term of up to 20 years
    • PACE financing is repaid on annual property tax bills, which is why no upfront costs are required
    • The financing loan is tied to the building, not the property owner, so when the property is sold the new owner may take on the responsibility
    • To qualify for PACE financing, there cannot be delinquent taxes or mortgage payments associated with a property
    • The property owner should have sufficient equity to cover the project cost to qualify, and the property cannot be part of a bankruptcy filing.
    • PACE is privately funded by agencies through the government, not by public tax dollars
    • Improvements financed through PACE make properties energy efficient, which reduces costs and significantly increases property values
    • PACE financing creates more jobs for contractors, as property owners who may not be able to afford such property improvements and upgrades now have a nontraditional long-term financing option that pays for itself
    • PACE financing helps the environment by transitioning properties to clean energy consumption alternatives

 

the Florida PACE program has been growing fast! To find out more about Florida PACE program financing and if you qualify to enjoy its benefits, call us today at 1-844-WHY-PACE!

 

VIDEO: “PACE Financing: A Quick Guide”

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2 thoughts on “PACE Program: A Quick Guide”

  1. This is a waste of time. Just about anyone who OWNS the property outright, in other words doesn’t have a mortgage, likely does not need to use this program. Someone like me who has a mortgage on my home and would like to replace my AC using this program is not eligible.

    1. Hi Wil. Actually a mortgage does not disqualify you from participating in the program. The program is also voluntary, so nobody is forced to use it, but there is a screening process such as finding out if a homeowner is behind on property taxes before they qualify. Call us at 1-844-WHY-PACE or email support@smartefficientsolutions.com to get information on who and what may qualify for PACE financing.

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