PACE: the Best-Kept Secret in Home Improvement Financing
Today, it seems like everything is on the rise—sea levels, the cost of electricity, our collective blood pressure. While some factors are beyond our control, there are certain actions we can take to alter seemingly uncontrollable circumstances. Enter: storm preparedness and energy efficiency upgrades.
Maintaining Safety and Comfort in a Changing World
Since the 1880s, the earth’s surface temperature has risen 1.8 degrees Fahrenheit, according to NASA. Warmer weather means the atmosphere can hold more moisture, leading to both widespread drought and more severe storms. These phenomena threaten the comfort and safety of residents from California to Florida. As temperatures rise, we instinctively increase our energy usage—cranking the AC and turning up the fans—just to stay cool. Installing high-efficiency appliances is a wise investment that may save money in the long run while reducing our carbon impact.
Threatened by major weather events, residents and business owners are forced to stormproof their properties. Replacing old, drafty features with impact-resistant windows and doors protects against high winds while better insulating the interior. However, these preventative measures come at a cost, and a steep one at that—often in the tens of thousands.
How do we take control of our future if our budgets are comprised of escalating bills and life’s necessities? How can we safeguard our homes, protect our families, live comfortably and still have money for enjoyment? The answer is PACE… it’s the best-kept secret in home improvement financing.
What is PACE?
PACE stands for property assessed clean energy, a financing option that leverages the equity in your home or commercial property to pay for renewable energy, climate resiliency, energy-saving and water-saving upgrades over the long term. The amount financed is secured through a lien on your property and is repaid on your annual property tax bill. Through this arrangement, homeowners and businesses can finance 100 percent of their improvement(s) for no money down, with no minimum FICO score required to participate.
Increase Your Knowledge, Increase Your Options
Improving your property’s energy efficiency and decreasing your water consumption helps lower utility bills and reduces your carbon footprint. Homeowners may find that replacing worn out roofs, old HVAC systems an aging insulation boosts their property value. Incorporating drought-tolerant landscaping and installing new doors and windows offer additional aesthetic benefits.
Today, more baby boomers are retiring “in place,” which means they have a greater need to reduce their home’s operating expenses. Younger generations are growing more concerned about long-term environmental impacts, from heat waves to hurricanes. Residents of all ages desire a comfortable, healthy home for the minimum cost. PACE financing can make these goals attainable.
Raise your awareness, raise your education, increase your home improvement options.