PACE 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.

Property Assessed Clean Energy (PACE) financing helps homeowners afford many home improvements. Administered at a local level, PACE programs cover many renewable energy and water-saving features as well as efficiency upgrades and storm protection improvements in areas where PACE has been approved.

Property assessed clean energy, better known by its acronym PACE, is a financing innovation that has revolutionized the way property owners upgrade their homes and businesses.

The U.S. Department of Energy describes property assessed clean energy (PACE) financing as “an innovative mechanism for financing energy efficiency and renewable energy improvements on private property.” In other words, PACE programs help private property owners finance improvements that will increase their property’s energy efficiency and eco-friendliness.

Imagine a financing option devoid of stress, free of worry, and available to everyone. Envision a flawless customer experience, where approval is not based on cumbersome traditional financing, but instead on your payment history and the equity in your home. With the simplicity of twice annual payments included in your tax bill, that opportunity is here—available to you today through PACE financing.

Property assessed clean energy financing, more commonly known as PACE financing, is a consumer-friendly option offering set terms and low fixed payments. With no down payment required, PACE enables homeowners to pay for their energy efficiency, renewable energy, water conservation and storm preparedness upgrades over time as part of their annual property taxes.

Property Assessed Clean Energy, better known by the acronym PACE, is a financing mechanism allowing homeowners to fund improvements that will increase the efficiency and eco-friendliness of their property. PACE programs are straightforward, but the financing is a little different than standard home improvement loans from a bank. Given the high-interest rates, expensive closing costs, and other drawbacks of bank loans, the PACE alternative is worth a look.

BY MIKE LEMYRE, YGRENE'S SENIOR VP OF MARKET DEVELOPMENT & GOVERNMENT AFFAIRS