Residential PACE financing can help you afford solar on your home
For some homeowners, 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 become more widely available soon. PACE financing just might be the answer you’re looking for to help you afford solar power for your home.
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 home 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.)
The following PACE providers are set up to assist area home owners:
- ReNew Financial
- Renovate America
- Florida PACE Funding Agency
At this time, PACE loans are available in parts of Manatee and Charlotte counties, and should be available in parts of Sarasota County by late 2018 If you have any questions, please don’t hesitate to give us a call – we’ll be happy to help!