Property Assessed Clean Energy (PACE) in Florida
March 24, 2017
Summer is just around the corner and now is the time to look at the projects that need to be accomplished at your home and business. When making decisions on which projects you complete and how you are going to pay for them, don’t forget to look into clean energy financing as one of your options.
In the tri-county area of South Florida, we have the Property Assessed Clean Energy (PACE) Program available to us. Through property-based financing, PACE Florida alleviates the financial hurdles facing owners wanting to make sustainable upgrades to their property. Below are the top 3 reasons why the PACE program might be for you.
Zero Cost Upfront: The upfront costs of sustainability projects like energy efficiency, renewable energy, or wind mitigation can be daunting and limiting. PACE was created to remove that upfront cost barrier and allow anyone to make positive changes to their businesses and homes. The private lender pays the initial cost of the projects, which is then repaid over a 5-25 year period as a line item on your property taxes. In order to qualify with Ygrene, one of the PACE program lenders, you need:
- 10% equity in your home,
- To be current on your mortgage payments,
- Not currently be in bankruptcy, and
- To have not been late on your property taxes in the last three years.
Hundreds of Projects: Selecting projects to tackle through PACE financing can be a difficult decision because there are so many possible improvements to choose from. Examples of qualifying projects are high efficiency air conditioners, kitchen appliances, and LED lighting as well as new roofing, hurricane impact windows, insulation, solar panels, and water efficient fixtures and landscaping.
More Savings: The most tangible benefits that come from completing a sustainability project through PACE are how easy they are to complete, they raise your property’s value, lower utility bills, and reduce your insurance costs. In some cases, the savings you receive from updating your home or business will more than make up the amount of the loan attached to your property taxes. Every month that you have new, more energy efficient equipment is more money to be used how you see fit. In addition, because these upgrades mitigate risk to your home or business, you can see reductions in your insurance.
There are many ways to fund green and energy efficient projects. Having the PACE program available to use in South Florida is one of the best ways to make investments into your property and your pocket book. For more information visit one of the local PACE program lenders or the Florida PACE informational site.