PACE financing can help you afford solar for your business
Some business owners may want 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. The PACE (Property Assessed Clean Energy) program can help and it’s becoming more widely available. PACE financing just might be the answer you’re looking for help to afford solar power for your business.
This program 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.
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 business owner’s credit rating, and it survives a refinance or sale of the property. (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.)
The following PACE providers are set up to assist area business owners:
- ReNew Financial
- Renovate America
- Florida PACE Funding Agency
At this time, PACE loans are available in most parts of Sarasota, Manatee and Charlotte counties. If you have any questions, please don’t hesitate to give us a call!