For some home or business owners, there may be a desire to install a solar power system but the funds aren’t available to purchase it outright and impediments to financing – such as a lack of equity or past bad credit – keep the opportunity out of reach. A new avenue for financing called PACE (Property Assessed Clean Energy) can help and it’s expected to come to our area later this summer.
PACE is a simple and effective way to finance energy efficiency, renewable energy, and water conservation upgrades to buildings. PACE can pay 100% of the project costs for new heating and cooling systems, lighting improvements, solar panels, water pumps, insulation, and more for almost any property – residential, commercial, nonprofit, and agricultural.
The program financing comes in the form of a tax assessment levied by the local government taxing authority – funding is repaid through this assessment included on one’s annual property tax bill, spread out for up to 30 years. Benefits of PACE are that it doesn’t impact the home or business owner’s credit rating, and it survives a refinance or sale of the property. (Please note that, before signing up, it would be wise to consult with a financial or tax advisor to see how the PACE plan might affect your property.)
Discussion by the Sarasota County Commission on this matter has been ongoing for months. The vote to approve PACE in our community is scheduled for July; the measure is expected to pass and go into effect later this summer.
If you have any questions, please don’t hesitate to give us a call – we’ll be happy to help!